NYRA's Chapter 11 Plan Confirmed

Law360, New York (April 28, 2008, 12:00 AM EDT) -- The New York Racing Association Inc.’s reorganization plan has been confirmed, putting the bankrupt racing franchise one step closer to emergence from Chapter 11.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York confirmed the third amended version of NYRA’s reorganization plan at a hearing Monday.

But it remains to be seen whether NYRA will be able to emerge from bankruptcy any time soon, since the plan relies on the passage of additional legislation by New York’s state government....
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