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02-28-2007, 02:23 PM
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Judge Approves NYRA-NYS Deal
From Charlie Hayward's Office.. Alleviates financial concerns until further deals are struck getting the Aqueduct Slots construction going, etc..
BANKRUPTCY COURT APPROVES DEBTOR IN POSSESSION FINANCING; STATEMENT FROM NYRA PRESIDENT & CEO CHARLES HAYWARD The United States Bankruptcy Court for the Southern District of New York approved a proposal submitted jointly by NYRA and the State, for the State to provide NYRA with debtor in possession financing during calendar year 2007, of an amount up to $32 million, subject to definitive documentation of a proposed order and the Amended and Restated Credit Agreement. Today’s court approval will bring the State’s total post-petition funding commitment to $40 million. The New York Racing Association Inc. (NYRA) is a private, non-profit racing association established in 1955, which owns and operates the three largest racetracks in New York - Aqueduct, Belmont Park and Saratoga . It is a non-profit, non-dividend paying corporation governed by a Board of Trustees, whose members, by law, receive no compensation or dividends. Since its inception, NYRA has contributed more than $3 billion in direct tax revenue to the State of New York .
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