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11-07-2008, 04:41 AM
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Magna filings feature bankruptcy advisor
Magna hires bankruptcy advisory firm
By Matt Hegarty http://www.drf.com/news/article/99748.html Magna Entertainment Corp. lost $49.1 million in the third quarter of 2008 and has hired a bankruptcy advisory firm in the wake of hundreds of millions of dollars in losses over the past four years. In a statement accompanying the documents, Magna said it had hired Miller Buckfire & Co. "to review and evaluate various strategic alternatives including asset sales, financing, and balance-sheet restructuring opportunities." On its website, Miller Buckfire describes itself as "delivering unbiased, strategic, and actionable advice to clients facing issues that are complex - and urgent." Most firms that Miller Buckfire is advising, according to its website, are currently in Chapter 11 bankruptcy proceedings or emerging from bankruptcy.
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