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Court Order And Creditors List Released

Published: July 9, 2008 11:25 am ET

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As part of the court approved protection obtained by Attractions Hippiques under the Companies Creditors' Arrangement Act, RSM Richter Inc. has released the list of Attractions Hippiques' creditors.

In total, according to the document, $69,042,268.81 is listed as debt, including $49,085,000 owed to five secured creditors. The largest sum of $29,526,400 is owed to Sun Life Assurance Company of Canada.

The attached order, from the Province of Quebec Commercial Division does allow the petitioners to (16) "carry on their business and financial affairs in good faith" and (17) pay the expenses incurred prior to the effective time for all outstanding wages, salaries, employee and pension benefits.

The order also allows the petitioners to (18) "continue to honour and pay bettors holding accounts for betting by phone or internet, and the members of the PariPlus program."

The order also (20) allows the Petitioners with the consent of the Monitor and without Court approval, to terminate or suspend for the period of the Stay Period and any renewal(s), "including without limitation racing in Montreal Hippodrome, the Sulky Quebec, the Sulky Trois Rivieres and the Sulky Gatineau."

To view the entire 37-page document, which includes a letter and notice to creditors and suppliers, a complete list of creditors, and a "non certified english translation" of the court order, click here.

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