Indy Downs' Ch. 11 Plan, $500M Casino Sale OK'd

Law360, Wilmington (February 1, 2013, 6:03 PM EST) -- A Delaware bankruptcy judge on Thursday confirmed Indianapolis Downs LLC's Chapter 11 plan, which includes the $500 million sale of the horse track and casino, rejecting a motion that would have stripped the voting rights of certain creditors and left the plan without sufficient support.

Filed by the “Oliver parties” — a collection of several family trusts headed by Indianapolis Downs Chairman and CEO Ross Mangano — the designation motion sought to bar the votes of any creditors who entered a post-petition deal to support the...
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