Magna Entertainment requests exclusivity extension to develop plan

By Lisa Kerner

Charlotte, N.C., Feb. 1 - Magna Entertainment Corp. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to April 30 from Jan. 31 and the solicitation period to June 29 from March 31.

According to the motion, Magna needs more time to develop a consensual plan.

The company also cited the size and complexity of its bankruptcy case.

In November, the court extended the company's plan-filing period to Jan. 31 from Oct. 1 and the solicitation period to March 31 from Nov. 30.

A hearing is scheduled for March 3.

Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5, 2009. Its Chapter 11 case number is 09-10720.

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