Magna Entertainment granted exclusivity extension to develop plan

By Lisa Kerner

Charlotte, N.C., March 4 - Magna Entertainment Corp.'s motion to extend its exclusive periods to file a plan of reorganization and solicit votes on the plan was granted, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the company's exclusive plan-filing period to April 30 from Jan. 31 and the solicitation period also to April 30, from March 31.

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.

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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