Court OKs reorganization plan for Hoosier Park owner

Back to TopCommentsE-mailPrintBookmark and Share

Hoosier Park Racing & Casino owner Centaur LLC last week won court approval of its plan to cut debt by about $636 million and exit bankruptcy.

Under the plan, Centaur would exit bankruptcy with about $270 million in debt, down from the $906 million it owed before filing for court protection last year, said attorney Michael Shepherd, who is representing the company.

“This was a fully consensual plan,” Shepherd told U.S. Bankruptcy Judge Kevin Carey during a Friday hearing in Wilmington, Del.

By reorganizing and leaving bankruptcy, the company will be worth about $340 million, according to an estimate by Blackstone Advisory Partners LP financial adviser Steven Zelin.

The bankruptcy-exit plan was possible after the company settled disputes with creditors, including the official committee representing its unsecured, lower-ranking creditors, Shepherd said.

First-lien lenders owed more than $405 million before the company filed bankruptcy will get back more than 80 percent of what they are owed, Shepherd said in court.

Centaur LLC and 12 affiliates filed Chapter 11 petitions in March 2010. Affiliates Centaur PA Land LP and Valley View Downs LP had filed for bankruptcy reorganization in October 2009 to keep a project alive in Pennsylvania. All the companies are subsidiaries of closely held Centaur Inc., which isn’t in bankruptcy.

The company and its affiliates own Hoosier Park, a casino and horse racetrack in Anderson, along with three off-track betting parlors in the state. Its Fortune Valley Hotel & Casino in Central City, Colo., was sold.

Centaur and the owners of Indiana Live casino in Shelbyville borrowed heavily after the General Assembly in 2007 allowed the horse tracks to add slot machines in return for a $250 million licensing fee.

All told, the companies generated revenue of $277.5 million in 2009.


  • how hard could it be
    Exactly how hard could it be to be profitable at that casino? Fill er up with slot machines, check. Free valet parking, check. Get the word out to all the people least able to afford gambling, check. Looks like everything is in order, tons of people showing up spending tons of cash. How could that possibly not be profitable? Wow...
  • Indiana Casinos
    Again,,I bunch of low-life,yahoos think they can run a casino,racetack in Indiana and make it

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. Choice between a democrat and a question mark? Take the question mark. We have all seen what the democrats will do.

  2. Its easy to blame workers. What about the Management of the Mill. Its not smart in business to not have a back up plan. Workers are afforded sick days in most cases. Union or not. Whether drunk partying, or a real sickness. Why would you as a businessman/woman not have a rotation of workers incase this happens. This is not an exclusive union protection. If the company can prove bad intentions on the part of any union employee. They can take action. Most CBA's have a 3 strike policy. Just like most Non-union company policies. You should read a CBA sometime. There are protections for companies too. Unions understand that businesses need to make money. If they don't, the union's member won't have a place to work.

  3. My kids play hockey on the North side and we have been very happy with the youth program. More Ice would create more opportunity for kids to pay this great sport. With 3 rinks that would also create more figure skating opportunities. What better gift to give your kids than a sport they will love!

  4. Naah, only Indy place fans were robbed of seeing Zanardi race. CART fans saw his amazing talents just about every weekend. And F1 fans saw him too. Zanardi didn't care he wasn't at Indy, neither do 99.18% of other race fans world wide. And CART fans are quite pleased of the domination of their drivers and owners have had at Indy, in the IRL, and in the current Indycar series....almost 99.18% of the time since 2000 Indy 500. I respect Zanardi, but his life goes on without Indy. Sucks to be you Capt.

  5. So let me get this right: gun permits online are fraud proof, but voting is as easy as 1-2-3.--But at least we agree that someone without a photo ID cannot be trusted with a gun.