Quebec racetrack operator Attractions Hippiques will request a further 28-day extension of its creditor protection in Quebec Superior Court on Friday
to allow for further study and negotiation of an offer it’s received for all its assets save Hippodrome d’Aylmer.
The offer is complicated, with various options and conditions, and not acceptable to the company or lending syndicate in its current form, but might be amendable and is worth pursuing further, the company says in a court filing requesting the extension to July 31.
It also has received a separate offer for Hippodrome d’Aylmer and property that, with minor tweaking, it expects to accept.
They were the two offers deemed serious from seven submitted to the trustee for Attractions Hippiques assets by the deadline last week. Twenty-six companies signed confidentiality agreements to consult the financial data during the period when it was open for bids.
If the offer for the bulk of its assets were to fall through, the company says it would have about $1 million for regular creditors in the restructuring plan it intends to submit to the court.
Attractions Hippiques has been in creditor protection since June of 2008.
(Trot Insider Exclusive by Paul Delean)