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Max Gibb On Status Of Balzac

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Published: November 24, 2009 2:18 pm ET

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Trot Insider has learned that an agreement pertaining to the racetrack project in Balzac, Alberta will be presented to the board of United Horsemen of Alberta for approval today.

The agreement will reveal that the creditor extension has been further pushed ahead to December 16.

In addition, a tentative arrangement has been worked out that is subject to board approval with Ivanhoe Cambridge holdings and would also involve two other creditors. The deal would finalize some of UHA’s land sales, the proceeds from which will, in Gibb's opinion, “likely get us debt free by sometime in January.” Gibb feels the deal will also allow UHA to move forward with their development of the Balzac project.

Gibb stresses that this is all subject to board approval and he will reveal more on the Friday edition of Trot Radio.


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