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Article: MID announces conditional amendment to Magna Entertainment DIP loan.
- Article from:
- Entertainment Newsweekly
- Article date:
- September 11, 2009
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MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: MIM) announced that the terms of the secured debtor-in-possession financing facility being provided by a wholly-owned subsidiary of MID to Magna Entertainment Corp. and certain of its subsidiaries (MEC) have been conditionally amended to, among other things, increase the principal amount available thereunder by up to US$28 million from up to US$38.4 million to up to US$66.4 million and extend the maturity from November 2, 2009 to April 30, 2010 (the "Amended DIP Financing").
Under the Amended DIP Financing, MEC must use its best efforts to market and sell all its assets, including seeking stalking horse ...