Magna Entertainment gets final OK for $7 million DIP loan increase

By Lisa Kerner

Charlotte, N.C., March 23 - Magna Entertainment Corp. was granted final approval to increase the tranche three commitment of its debtor-in-possession credit agreement by $7 million to $33 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Magna said the additional funding will allow it to support its operations through the effective date of its plan of reorganization.

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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