On Sunday, March 28, Centaur Inc. filed a restructuring plan in a U.S. Bankruptcy Court. The plan seeks to eliminate roughly four-fifths of hundreds of millions of dollars in debt
in order to eventually lead to the erection of the racino complex Valley View Downs in Pennsylvania.
According to an article by the Pittsburgh Tribune-Review, the move would reduce the amount of money Centaur owes one group of lenders from $192 million to about $2.5 million. The lenders, led by the bank Wells Fargo, asked the judge last week to force the company to liquidate so investors could get their money.
Centaur Inc. recently filed for voluntary Chapter 11 bankruptcy. It currently owes hundreds of millions of dollars to creditors.
Wilson was cited as saying that if a judge approves the restructuring petition, Centaur would emerge from bankruptcy in late July, which would then give the company a little more than one month to convince the state Harness Racing Commission to extend the September deadline and not strip its horse-racing license.
(With files from Pittsburgh Tribune-Review)
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