New York City’s OTB still has a pulse, but the question is for how long? An interim plan is in place to keep the OTB – and 1,300 jobs – alive for a year
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A story on abcNEWS.com indicates the board of the bankrupt OTB Corporation has voted to continue operations on the state-owned agency.
"Earlier this week there was a three-way agreement among leaders of the Assembly, State Senate and the Executive Chamber on at least an interim package for New York City OTB that would grant temporary relief," said OTB Chairman Sandy Frucher.
OTB made a rare Chapter 9 filing in December, using the part of the U.S. bankruptcy code that applies to municipalities.
The New York Racing Association Inc, the New York Thoroughbred Horsemen's Association Inc and the New York Thoroughbred Breeders Inc all opposed the Chapter 9 filing, which allows OTB to reorganize without being forced into liquidation.