Magna bankruptcy hearing begins

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A hearing over the bankruptcy reorganization plan for racetrack owner Magna Entertainment is currently underway in Delaware. Magna, whose assets include Gulfstream Park in Hallandale Beach, filed the plan in February. Shareholders have requested to appoint an independent examiner in the case, saying that Magna’s plan allows parent company MI Developments to acquire Magna assets, which is not in the best interest of creditors and shareholders. A bankruptcy judge will decide following the hearing whether to confirm Magna’s plan and deny the shareholders’ request.

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