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Betting Co. Magna Gets Access To $13M In DIP Cash

Law360 (March 16, 2009, 12:00 AM EDT) -- Rounding the first bend in its path to auction, racetrack betting operator Magna Entertainment Corp. has received permission to access more than $13 million of a $62.5 million debtor-in-possession credit facility the debtor had no choice but to accept.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed off on the interim DIP financing Friday, granting the debtors interim use of $13.4 million provided by Magna’s controlling shareholder, MI Developments Inc.

William G. Ford, general counsel of Magna, said that...
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