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Published
03/04/10
WILMINGTON, Del. (AP) — A Delaware bankruptcy judge on Wednesday granted horse-track owner Magna Entertainment Corp. permission to obtain additional financing and more time to complete a Chapter 11 reorganization plan. Find Us On Facebook
Judge Mary Walrath approved Magna's request for authorization to obtain $7 million in additional financing from a subsidiary of its parent company, MI Developments. MID previously agreed to extend $64.4 million in financing, but Magna said it was facing liquidity issues because of an unexpected decline in horse racing revenues and weather-related race cancellations at Santa Anita Park in California.
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