Balmoral Racing wins two-month extension of exclusive plan periods

By Kali Hays

New York, April 21 – Balmoral Racing Club, Inc. received a 60-day extension of its exclusive Chapter 11 plan filing and solicitation periods under an April 21 order from the U.S. Bankruptcy Court for the Northern District of Illinois.

The plan filing period was extended to June 22 from April 23 and its solicitation period through Aug. 21 from June 22.

As previously reported, Balmoral said it filed for bankruptcy under “exigent circumstances” caused by a $75 million judgment awarded to riverboat casinos and, as a result, has “spent a great deal of energy to date transitioning into [its] role as a debtor-in-possession,” according to the motion.

Since filing for bankruptcy, the company has been pursuing an “amicable resolution” to the riverboat litigation, saying the efforts have proved to be “fruitful,” and Balmoral and the riverboat creditors are “currently involved in meaningful settlement negotiation” that could “significantly impact the debtors’ efforts to formulate a plan of reorganization.”

Balmoral is a Crete, Ill.-based racetrack operator. The company filed for bankruptcy on Dec. 24 under Chapter 11 case number 14-45711.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.