We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Magna Entertainment Files For Ch. 11

Law360 (March 5, 2009, 12:00 AM EST) -- Racetrack betting operator Magna Entertainment Corp. and several of its subsidiaries have sought Chapter 11 protection, unable to shake a debt burden of $600 million even after numerous attempts at restructuring.

The Ontario, Canada-based company, which operates Baltimore's Pimlico racetrack, said it will continue operations while reorganizing in the United States Bankruptcy Court for the District of Delaware. It is also seeking Chapter 11 recognition with the Ontario Superior Court of Justice.

“Simply put, MEC has far too much debt and interest expense,” Frank Stronach, MEC's...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.