Published:
December 4, 2009 10:29 am EST
The New York City Off-Track Betting Corp. (OTB), which has reportedly accumulated more than $500 million in debt, filed for Chapter 9 bankruptcy protection Thursday
.
OTB will continue operations while it attempts to implement a reorganization plan that calls for a $250 million bond sale to pay off debts and provide funds to buy new technology and improve betting parlors.
Bloomberg reports that OTB officials plan to ask for changes in wagering legislation regarding the distibution of funds to local and state governments and the horse racing industry.
To read the Bloomberg article in its entirety, click here.
(With files from Bloomberg)
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