IBJNews

Indiana Live parent seeks Chapter 11 loan extension

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis Downs LLC, parent company of Indiana Live horserace track and casino in Shelbyville, wants lenders to grant a one-year extension of financing for the Chapter 11 reorganization that otherwise would expire in April.

If the extension is approved at a requested hearing on March 22, the new maturity date would be April 10, 2013. For the extension, the track would pay a fee of 1 percent of the outstanding amount of the loan.

The track says it is “still formulating the terms of a plan and discussing a possible contemplated sale process.” It expects “documents to be filed in the next few weeks.”

Indiana Live has received overtures from potential buyers, including the owner of local competitor Hoosier Park & Casino. A written offer came from Indianapolis-based Centaur Holdings LLC, which owns Hoosier Park.

Indianapolis Downs missed an interest payment in November 2010 on $375 million in second-lien notes and filed for reorganization on April 7. The reorganization begun in April 2011 is being financed with a $103.1 million loan from the existing first-lien lenders. Wells Fargo Bank NA is agent for the lenders.

The Indiana Downs track opened in 2002. The casino began operations in 2008. The permanent facility opened in March 2009, with 2,000 slot machines and electronic table games. Revenue in 2010 was $270 million.

The petition says assets are more than $500 million while debt is less than $500 million.

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. what Steve is doing and if he is on another radio station. That is the station I will listen to.

  2. From the story: "The city of Indianapolis also will consider tax incentives and funding for infrastructure required for the project, according to IEDC." Why would the City need to consider additional tax incentives when Lowe's has already bought the land and reached an agreement with IEDC to bring the jobs? What that tells me is that the City has already pledged the incentives, unofficially, and they just haven't had time to push it through the MDC yet. Either way, subsidizing $10/hour jobs is going to do nothing toward furthering the Mayor's stated goal of attracting middle and upper-middle class residents to Marion County.

  3. Ron Spencer and the entire staff of Theater on the Square embraced IndyFringe when it came to Mass Ave in 2005. TOTS was not only a venue but Ron and his friends created, presented and appeared in shows which embraced the 'spirit of the fringe'. He's weathered all the storms and kept smiling ... bon voyage and thank you.

  4. Not sure how many sushi restaurants are enough, but there are three that I know of in various parts of downtown proper and all are pretty good.

  5. Rick, how does granting theright to marry to people choosing to marry same-sex partners harm the lives of those who choose not to? I cannot for the life of me see any harm to people who choose not to marry someone of the same sex. We understand your choice to take the parts of the bible literally in your life. That is fine but why force your religious beliefs on others? I'm hoping the judges do the right thing and declare the ban unconstitutional so all citizens of Wisconsin and Indiana have the same marriage rights and that those who chose someone of the same sex do not have less rights than others.

ADVERTISEMENT