NY Thoroughbred Assoc. Hands Over Reins To Ch. 11

Law360, New York (November 3, 2006, 12:00 AM EST) -- The New York Racing Association Inc., which sought bankruptcy protection Thursday, has asked the court to grant a $50 million debtor-in-possession loan as it works to continue operating the state’s three thoroughbred racetracks.

The NYRA also requested that the U.S. Bankruptcy Court for the Southern District of New York permit it to dip into $15 million of the DIP loan to keep its racing schedule intact for Nov. 15 at Aqueduct Racetrack.

Kimco Capital Corp. and SB Capital have agreed to offer the NYRA the $50...
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