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South Florida

Gulfstream Park owner seeks reorganization

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Racetrack operator Magna Entertainment, the owner of financially
strapped Gulfstream Park, has filed for Chapter 11 bankruptcy protection
and will abide by the terms of a January settlement with the official
unsecured creditors’ committee. The creditors will get a payout of at
least $96.5 million, and Magna can keep the Santa Anita and Golden Gate
Fields tracks in California and Gulfstream Park in Hollywood, Fla.
Magna will sell Pimlico and Laurel Park in Maryland at a Feb. 23 auctionto finance the payout. [Miami Herald]

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