Providing the final details are taken care of, Dave Munro will wipe out four creditors involved with financing problems surrounding the United Horsemen of Alberta
, which is still trying to build a racetrack north of the Calgary airport.
Munro has committed to put up $20 million in the deal. If the deal is finalized by June 30: a) UHA will have a $20 million debt that needs to be repaid to Munro and b) UFA, HRA, Ron Brimicombe and the county of Rockyview will be knocked out as major creditors waiting for payment from UHA.
Max Gibb, the key face and voice behind UHA, seems pleased by the latest developments.
"Everything went really well," said Gibb.
"We have consolidated all debt. It clears up all our other debts and it has lowered our interest (rate)."
To read the full article on thehorses.com, click here.
(HRA/thehorses.com)