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Anderson racino emerges from bankruptcy

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The parent company of Anderson racetrack and casino Hoosier Park has officially emerged from bankruptcy.

A newly structured company, Indianapolis-based Centaur Holdings LLC, has taken over ownership from parent Centaur Inc.

The court approved Centaur’s original reorganization plan in February, but several steps had to take place before the plan went into effect, said John Keeler, Centaur’s general counsel.

Chief among them was approval of transferring the gambling license and racing permit from the old to the new Hoosier Park. The Indiana Gaming Commission approved that move last month and the Indiana Horseracing Commission approved it late last week, making it effective on Oct. 1.

The original shareholders of Centaur Inc., about 80 individual Indiana investors, lost their entire investment in the company. Under the new structure, Centaur’s four principals — CEO Rod Ratcliff, Chief Financial Officer Kurt Wilson, Chief Operating Officer Jim Brown and Keeler — are the company’s main equity holders.

The company’s five directors will include Ratcliffe, Brown and three representatives for the major debt-holders in the new company, all of whom will own one share each in the new firm.

The first-lien creditors in the old Centaur will take on holdings of the three tiers of debt in the new Centaur, proportionate to their debt holdings in the original company. That debt totals $273 million, about a third of the $906 million debt load when Centaur filed for bankruptcy in March 2010.

Clairvest, a Canadian-based private equity management firm, and other funds managed by the company, as well as investment banking firm Goldman Sachs, hold a majority of debt in the new Centaur.

Centaur has sold off gambling properties in Colorado and Pennsylvania as part of the bankruptcy settlement. Its holdings now include the Anderson racetrack and casino and three off-track betting sites in Indianapolis, Fort Wayne and Merrillville.

Keeler said the public likely will not notice a change under new ownership.

“During bankruptcy, Hoosier Park has continued to put out the same quality product — they haven’t laid off any employees,” Keeler said. “At the end of this bankruptcy process, Centaur is still an Indianapolis-based company — with Indianapolis-based and experienced management.”

Hoosier Park, like its racino counterpart Indiana Live in Shelbyville, has struggled under massive debt loads since borrowing heavily to pay $250 million in state licensing fees to add slot machines and other electronic games in 2008. That expense has been labeled as a key contributing factor in Centaur’s bankruptcy.

Indiana Live filed for bankruptcy in April and remains in bankruptcy proceedings.

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  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

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