Refusing to buckle despite the withdrawal last month of a multi-million-dollar aid package from the provincial government, Quebec racetrack operator Attractions Hippiques says it intends to keep going and
will seek a fourth extension of the creditor protection initially granted last June, this time until April 8, in its next appearance Monday in Montreal Superior Court.
Attractions Hippiques says the delay is needed to allow lenders to assess proposed restructuring scenarios, including the full or partial sale of assets.
Because of the government pullout, the company “is not in position, at this time, to finalize a new restructuring plan and plan of arrangement for creditors,” trustee Yves Vincent has stated in his latest report.
Without an extension, there are “strong possibilities” the company will go bankrupt, greatly affecting the value of the assets, triggering the loss of licences and permits currently enabling it to collect revenue from VLTs and simulcast wagering, and scuttling all racing in the province for at least 2009, Vincent said.
(A Trot Insider exclusive by Paul Delean)