Cloverleaf Enterprises Inc., owner of Rosecroft Raceway, has filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Maryland
.
According to an article on mddailyrecord.com, the Maryland Jockey Club of Baltimore City is listed in the bankruptcy filing as being the largest unsecured creditor. Cloverleaf said it is disputing the $1.24 million it owes under a 2006 memorandum of understanding.
The report goes on to state that the bankruptcy petition did not give specific asset and debt figures. Cloverleaf gave an assets estimate of between $10 million and $50 million, compared to debts ranging between $1 million and $10 million. In the court filing, the Cloverleaf stockholders authorized the bankruptcy in an April 27 vote.
Click here to read the article in its entirety.
(With files from mddailyrecord.com)