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Magna Entertainment sets bid procedures for remaining assets
By Caroline Salls
Pittsburgh, March 18 - Magna Entertainment Corp. requested court approval of the bid procedures for the proposed sale of its remaining significant assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company has already entered into a stalking horse agreement with MI Developments to sell its interests associated with its Golden Gate Fields, Gulfstream Park, Palm Meadows Training Center, Lone Star Park, AmTote International and XpressBet assets and a holdback note associated with the sale of The Meadows for $195 million payable in the form of $44 million cash, MI's assumption of a $15 million capital lease and a $136 million credit bid of Magna's existing debt to MID.
The remaining assets to be sold under Tuesday's motion include Magna's Santa Anita Park, Pimlico Race Course, Laurel Park, Thistledown, Remington Park, Portland Meadows and Magna Racino race tracks, as well as its joint venture interests in The Shops at Santa Anita, TrackNet Media and HRTV and its Ocala property, Dixon property, Fex Straw manufacturing and StreuFex properties and the Bowie Training Center.
Bids are due by 5 p.m. ET on July 8 and must include a 10% deposit toward the proposed purchase price.
Selection of a stalking horse bid will be left to the company's discretion.
If one or more qualified bids is received, the auction will be held July 30.
A hearing on approval of the bid procedures is scheduled for April 3.
Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5. Its Chapter 11 case number is 09-10720.
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