Pimlico, Laurel, Preakness out of auction, but not off the block

[Alan07]

WILMINGTON, Del. – Although Maryland’s thoroughbred racetracks and the Preakness Stakes have been scratched from the auction block, the tracks’ bankrupt owner and its creditors would still entertain bids for the properties, their attorneys told a Delaware bankruptcy judge Monday.

“By no means are we abandoning the possibility that we can sell those assets in the future,” said Magna Entertainment Corp. attorney Brian S. Rosen of New York-based Weil, Gotshal & Manges LLP. “We are going to permit parties to do due diligence, and in the extent that a bid comes in that is attractive, the debtors will consider it.

http://www.mddailyrecord.com/article...1433&type=UTTM

[Danzig]

i thought once a company declared bankruptcy, it was up to the courts to decide on assets-what would be sold, etc, to satisfy creditors?

[philcski]

Originally Posted by Danzig

i thought once a company declared bankruptcy, it was up to the courts to decide on assets-what would be sold, etc, to satisfy creditors?

Usually they present a plan and the court approves or rejects it.