Balmoral Racing Club wins nine-day extension of plan-filing deadline

By Caroline Salls

Pittsburgh, March 23 – Balmoral Racing Club, Inc. received a final nine-day extension of its deadline for filing a Chapter 11 plan and disclosure statement, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

Specifically, the filing deadline was extended to March 31.

Balmoral said the company and its judgment creditors have exchanged several drafts of a joint plan of liquidation, and the company is in the process of completing the first draft of the accompanying disclosure statement.

The company is also in the process of reviewing a creditor trust agreement that is part of the proposed plan and has been negotiated between the judgment creditors and the proposed trustee under the plan, the motion said.

Balmoral said the extension will allow it to complete and file the plan.

The company said it no longer has the exclusive right to file a plan.

Balmoral is a Crete, Ill.-based racetrack operator. The company filed for bankruptcy on Dec. 24, 2014, under Chapter 11 case number 14-45711.

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