Indy Downs Pursues Sale, Ch. 11 Plan On Dual Track

Law360, Wilmington (April 26, 2012, 4:52 PM EDT) -- Bankrupt Indianapolis Downs LLC has decided to sell its combined horse racing and casino operation to pay back creditors, but if the price isn’t right, the company intends to reorganize under the control of lenders, according to Chapter 11 plan documents filed Wednesday.

The Shelbyville, Ind.-based company, mired in Delaware bankruptcy court for a year, recently struck a deal with two groups of noteholders to pursue a sale of the profitable but debt-laden racino, according to a disclosure statement on the plan.

The reorganization plan represents...
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