El Comandante in negotiations with new investor

By Jeff Pines

Washington, Oct. 19 - El Comandante, the Puerto Rico horse race track operator, said it is in negotiations with a new investor who would repay the company's bondholders and prevent them from foreclosing on the track.

The company filed for bankruptcy on Oct. 15 with the U.S. Bankruptcy Court for the District of Delaware.

"We understand that the reorganization will give us the time necessary to rescue this industry, preserve the more than 8,000 jobs it generates and thus continue with the negotiations being held with two of the international consortiums interested in investing in Puerto Rico," said Tom Wilson, president of El Comandante's parent, Housing Development Associates, in a news release.

In addition, Alejandro Fuentes was appointed chief operating officer effective Oct. 17 and Juan Manuel Rivera Gonzalez resigned as president. The rest of El Comandante's management will remain in place.

El Comandante's Chapter 11 case numbers are 04-12972 and 04-12974.

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