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March 5, 2009
The Fort Worth Star-Telegram is reporting that Magna Entertainment Corp., the parent company of Lone Star Park in Grand Prairie, has filed for bankruptcy.
The company made the announcement just as a $40 million debt payment was due. The Chapter 11 case was filed in Delaware.
Magna said that its day-to-day operations would not be interrupted though the Chapter 11 bankruptcy process.
Company officials also stressed that the bankruptcy filing should have little impact on Lone Star or on its upcoming race season, set to begin April 9.
“There should be no immediate implications for Lone Star Park, our employees, horsemen, vendors or customers,” track president and general manager Drew Shubeck is quoted in the Star Telegram. “We are proceeding with business as usual.”
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