Balmoral Racing Club files liquidating plan and disclosure statement

By Caroline Salls

Pittsburgh, April 1 – Balmoral Racing Club, Inc. filed its liquidating plan of reorganization and related disclosure statement Thursday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The plan calls for the sale of assets to maximize creditor distributions. A creditor trust will be created to oversee the liquidation of the assets and complete the distribution of proceeds.

Administrative claims, government unit claims, priority claims will be paid in full in cash.

Secured claims will be paid in cash on the later of the date the claims are allowed and receipt of the proceeds from the liquidation of collateral.

Holders of general unsecured claims will share a cash distribution, although the company said the amount and timing of the distribution cannot be determined at this time.

World Wide Wagering Inc. may receive no distribution on account of its interests in Balmoral, depending on the outcome of a district court lawsuit appeal.

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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