Quebec Restructuring Still Possible?

Published: February 21, 2009 02:21 pm EST

The Quebec government’s decision to withdraw the additional financial support it was prepared to offer makes life more difficult for racetrack operator Attractions Hippiques but doesn’t scuttle plans for a workable restructuring, said trustee Yves Vincent of RSM Richter

, the company that’s been overseeing Attractions Hippiques’ affairs since it entered creditor protection last June.

The intention is still to present a restructuring plan in Montreal Superior Court on March 9, Vincent said.

“It’s more difficult without $9 million (for purses, from Loto-Quebec), but we have alternatives,” he said. “We still own two tracks (Gatineau and Trois-Rivieres) and have a 25-year lease in Quebec City.”

Races in Montreal, however, aren’t on the menu.

Vincent said they’re simply not viable financially, given the costs and the government’s insistence that Hippodrome de Montreal close.

“We can’t afford it, we can’t build it and we can’t finance it.”

If Quebec horsemen think they can revive racing in Montreal, they’re welcome to the market, Vincent said. “If they want Montreal, they got it. It’s theirs.”

Vincent said senior management at Attractions Hippiques is disappointed by but respects the government’s decision, attributed to the refusal of horsemen and breeders to endorse the plan.

“What it comes down to is, they want to eliminate Paul (Massicotte, owner of Attractions Hippiques),” Vincent said. “They think they’re better managers and businessmen.”

(Trot Insider exclusive by Paul Delean)

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was wondering how ATAQ is expecting to pay those court costs,..members that were opposed of them turning down the deal,...hope not, maybe the Rich Montreal ATAQ members can deal with it for we know they are the one's that turned it down, was not the members in small track area for sure,..
as for your bulldozing comment, i think the Quebec Government and AH are doing a good job of it with ATAQ, seems to me they are the one's being bulldozed, i hope they realise it soon before it's to late and another horsemen's assoiation sees the day and ATAQ and friends will left with nothing but their pride that they will have to swollow,....would have been to nice for ATAQ to accept the deal than to try and resucitate the big Lame elephant in Montreal,....

In reply to by Stratagus

Montreal has quite an history, specially in the last few years with all that overspending by "Quebec Horsemen and Breeders Association" you know the better business managers and business men !!!!
has for Aylmer, as i recall in the restructuring plan,......they were part of it,....keep open then 3 small and no more Montreal if i read correctly, AH do own the Land in Aylmer in case you did not know,

What I think here is that there's probably no viable solution from either Massicotte nor the government, reason why they retire themselves. As for horsemen, I'm not sure either. I'm not taking sides on this affair. The history of Hippodrome de Montreal is quite special if you compare it to any other North American racetrack, either harness or thoroughbred.

In any ways, AH cannot continue operating even if they own Trois-Rivières and Quebec. They still need a signed contract with a horsemen association. If ATAQ do not support them, I would think another association will form up.
But then, what will happen to Montreal and Aylmer (I'll never call that Gatineau)... A Jockey Club? a new owner? a bulldozered hippodrome? I guess only time will tell us.

In reply to by jncm

so if you are better business managers and businessmen,....what is you alternative solution ?????
easy to sit back and complain about things,....but if someone can complain they must show and prove the better solution......let us see you greater business managers and businessmen skills,.....WHAT ARE YOU PROPOSING ???
i think we heard enough of you negativity and it's time to let us know what you have in mind !!!

Yes,we want to eliminate Paul Massicote.Why wouldn't we.What have you done for us.You have promised so much and have not delivered anything.Dont promise something you can't do.You are now in Bankrupcy Protection,and asking for a second chance,if it was anyone else asking this,we all know we would be shot down so fast.You had a contract that raised the hopes and dreams of a lot of people in Quebec,and in one swoop you killed it for us.As for do we think we are better business managers and businessmen than him,for the survival of Harness Racing in Quebec,YES,I bet we could do a better job