IBJNews

Anderson racino emerges from bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

ADVERTISEMENT