Quebec racetrack operator Attractions Hippiques has received another extension of creditor protection, but only for one month, not the requested two.
Montreal Superior Court Judge Chantal Corriveau today gave the company until March 9 to present a progress report on negotiations now underway with the Quebec government, plans for Hippodrome de Montréal through 2011, proposed purse totals and terms of its proposal to creditors.
Earlier this week, a representative of the provincial finance department said the Quebec government was prepared to provide financial assistance amounting to $28 million a year for the next 25 years to help the company stay in business and maintain live horseracing at the tracks in Aylmer, Trois-Rivières and Quebec City. Hippodrome de Montréal, however, would have to close.
Considering the government proposal ‘appears serious and presented in good faith’ and is the only one on the table, Judge Corriveau granted the extension, which the provincial horsemen’s and breeders’ associations had opposed.
(A Trot Insider Exclusive by Paul Delean)