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Article: Magna Entertainment Corp. announces final order approving amended DIP loan and termination of MI Developments' stalking horse bid.
- Article from:
- PR Newswire
- Article date:
- April 22, 2009
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AURORA, ON, April 22 /PRNewswire-FirstCall/ -- Magna Entertainment Corp. ("MEC" or the "Company") announced that on April 20, 2009, the Company and MI Developments Inc. ("MID") agreed to terminate MID's stalking horse bid to purchase certain of MEC's assets that was entered into prior to the filing of MEC's voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code.
MEC also announced that the terms of the debtor-in-possession ("DIP") financing facility being provided to MEC by a wholly-owned subsidiary of MID (the "MID Lender") have been approved by the United States Bankruptcy Court overseeing its Chapter 11 case. The facility ...