Magna Wins Court's OK For Trimmed DIP Financing

Law360, New York (April 21, 2009, 12:00 AM EDT) -- A bankruptcy judge has reportedly signed off on a debtor-in-possession financing agreement that calls for $38.4 million to be provided by MI Developments, pared down from the $62.5 million initially proposed, for ailing racetrack operator Magna Entertainment Corp.

At a hearing Monday, Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware gave final approval to the revised financing, according to the Associated Press.

The agreement also extends the maturity 60 days, allowing a longer period for the potential sale of Magna's assets....
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