Emerging From Ch. 11, NYRA Is Off To The Races

Law360, New York (September 12, 2008, 12:00 AM EDT) -- The New York Racing Association Inc. has emerged from Chapter 11 bankruptcy protection following a settlement with the state that allows the franchise to operate thoroughbred racing in New York for another 25 years.

In an order filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, Judge James Peck signed off on the implementation of the NYRA's third amended plan of reorganization, which grants the 25-year franchise; the payment of over $105 million to the NYRA by the state; the waiver...
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