Magna Entertainment Corp., the country’s largest racetrack operator, filed for Chapter 11 bankruptcy in a Delaware court on Thursday and has reached an agreement to sell the majority of its racing assets, including Gulfstream Park and Golden Gate Fields, to its parent company and largest creditor, MI Developments. Magna announced the filing in a statement and said the bankruptcy will not jeopardize any of its ongoing race meets, including those at Gulfstream, Golden Gate Fields, and Santa Anita Park, which on Saturday will host the Santa Anita Handicap, the track’s biggest race. As part of its bankruptcy filing, Magna said it had reached a separate agreement with MI Developments to obtain $62 million in debtor-in-possession financing that would provide Magna with the cash it needs to continue operating while reorganizing under the protection of the court. “This is a voluntary filing intended to utilize a Chapter 11 process that will allow us to continue to operate the business uninterrupted while we implement a reorganization in a court-supervised environment,” Magna’s chairman and founder, Frank Stronach, said in a statement. “We expect that all employees, customers, and horsemen will continue to be paid in the normal course.” Officials at Santa Anita and Gulfstream declined to comment. Magna had been expected to file for bankruptcy protection since late February, when the company announced that MI Developments had scrapped a spin-off plan that would have delayed the due dates of approximately $200 million in debt.
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