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NYRA Files Ch. 11 Reorganization Plan

Law360 (October 24, 2007, 12:00 AM EDT) -- The New York Racing Association Inc. filed a reorganization plan and accompanying disclosure statement Tuesday that, if approved, will allow it to run the Aqueduct, Belmont and Saratoga racetracks for at least the next 30 years.

According to the disclosure statement, NYRA will receive a 30-year thoroughbred racing franchise from New York state. The state agreed to provide NYRA with up to $75 million in funds received from a gaming entity that will operate video lottery terminals at the Aqueduct track.

In return, NYRA agreed to...
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