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MI Developments Cancels Magna Interest

Real estate firm terminates pursuit for some of the assets of racetrack owner and operator following objections from a ‘number of parties’.

Thursday 30th April 2009

MI Developments Incorporated, Canada’s fourth largest real estate operating company, has announced the termination of its interest in acquiring some of the assets of troubled racetrack owner and operator Magna Entertainment Corporation. Ontario-based Magna is North America's biggest racetrack owner with ten venues and filed for court protection from creditors under Chapter Eleven in early-March. Magna is also a leading supplier via simulcasting of live content and revealed at the time that its shares would no longer be traded on the NASDAQ stock exchange in New York as it struggled under a mountain of debt. It owes MI Developments $250 million and is in default on other loans while recently reporting that losses had increased to $116 million from $70.7 million over the first nine months of last year. In an effort to recoup some of its losses, Magna announced last month that it had agreed to sell some of its interests including its online advance deposit wagering service for $195 million. “MI Developments’ principal concern with respect to the Magna Entertainment Corporation Chapter Eleven process is to maximise our recovery on our secured loans to Magna Entertainment Corporation,” said Dennis Mills, Vice-Chairman and Chief Executive Officer for MI Developments. “We made our ‘stalking horse bid’ because we believe that Magna Entertainment Corporation owns some very valuable and attractive assets. Although we continue to be interested in acquiring assets from Magna Entertainment Corporation, we have agreed to withdraw our ‘stalking horse bid’ in response to objections raised by a number of parties in the Magna Entertainment Corporation Chapter Eleven process and with the intent of expediting that process. “As the process moves forward, MI Developments will continue to evaluate all opportunities to preserve the value of our secured loans to Magna Entertainment Corporation, which may include MI Developments bidding for certain of Magna Entertainment Corporation’s assets.”

Source: OnlineCasinoNews

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