Today via release, Quebec racetrack owner Attractions Hippiques announced that it will comply with a recent superior court decision and sell its assets
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The release does indicate, though, that it will be possible for Attractions Hippiques to maintain some horse racing activities in Quebec.
The release appears below in both English and French.
Attractions Hippiques welcomes the decision by Mme Justice Chantal Corriveau of the Quebec Superior Court to extend court protection to allow the sale of all its assets until July 3. Under the terms of yesterday's ruling, the sale process will be under the authority of the Superior Court and will be controlled and supervised by the monitor, RSM Richter.
The deadline for submitting firm offers to purchase will be June 23, and offers will be subject to final approval by the Court. The selection of the offer will be made on July 3.
Attractions Hippiques will continue its horse-racing operations at the racetrack in Quebec City. Until the final sale is completed, Attractions Hippiques will continue managing the operations of its Hippo Clubs and collecting revenues from pari-mutuel betting.
The Court has reached the same conclusions as Attractions Hippiques, i.e., by selling off assets, it will be possible to maintain some horse-racing activities in Quebec.
Attractions Hippiques accueille favorablement la décision de la juge Chantal Corriveau, de la Cour supérieure du Québec, de prolonger jusqu'au 3 juillet prochain la protection accordée en vertu de la Loi sur les arrangements avec les créanciers afin de permettre la mise en vente de tous les éléments d'actif. Selon les termes du jugement qui a été rendu hier, le processus de vente sera encadré par la Cour supérieure sous le contrôle et la supervision du contrôleur, RSM Richter.
La date butoir de dépôt des offres d'achat fermes sera le 23 juin prochain et sujet à l'approbation finale de la Cour. Le choix de l'offre retenue est fixé au 3 juillet.
Attractions Hippiques poursuivra ses activités de courses de chevaux à l'Hippodrome de Québec. Jusqu'à ce que la vente finale soit complétée, Attractions Hippiques continuera de gérer les activités de ses Hippo Clubs et de toucher les revenus provenant du pari mutuel.
Par ailleurs, le Tribunal en vient aux mêmes conclusions que celles d'Attractions Hippiques, à savoir que seule une vente des actifs peut permettre le maintien de certaines activités de courses au Québec.
Let's now hope that whoever
Let's now hope that whoever or whatever will buy and control the four tracks will heal the past scars. I still think that it is unforgivable that AH suspended live racing for so long. A new crew is needed to revive the industry and we all know it.