MONTREAL, Feb. 6 /CNW Telbec/ - Attractions Hippiques has reacted
favourably to the decision by Mme Justice Chantal Corriveau of the Superior
Court of Quebec, to extend protection provided under the Companies' Creditors
Arrangement Act until March 9.
"This extension will give us an additional opportunity to reach an
agreement that would make it possible to save Quebec's horse-racing industry.
We intend to continue working tirelessly to find a realistic and sustainable
solution that will ensure its continued existence. The survival of an entire
industry is contingent upon the success of the revitalization plan," said Paul
J. Massicotte, owner of Attractions Hippiques Inc.
In concrete terms, this period will enable Attractions Hippiques to:
- continue its ongoing negotiations with SONACC, the Ministry of Finance,
its lenders and creditors;
- meet with horse-racing associations to discuss the new business plan,
including the proposals for future racing programs and purses;
- identify various alternatives for financing a new gaming room that
would house the pari-mutuel and VLT operations from Blue Bonnets
Racetrack (Hippodrome de Montréal);
Attractions hippiques is reiterating its appeal to the Quebec Trotting
and Pacing Association trot, the Société des propriétaires et éleveurs de
chevaux standardbred and the Circuit régional des courses de chevaux to take
this opportunity to save the industry. According to Mr. Massicotte, all the
interested parties must work together based on the court-designated monitor's
Attractions hippiques has always demonstrated its commitment to the
Quebec horse-racing industry. Investments of $38 million made at the
Trois-Rivières and Quebec City racetracks demonstrate this beyond a doubt.
This amount was $15 million more than the company's original commitment.
Between now and March 9, people involved in the horse-racing industry are
invited to analyze the proposal on the table and to share their comments with
RSM Richter, the court-designated monitor.
For further information:
For further information: Ian Wetherly, President and chief operating
officer, Attractions Hippiques, (514) 739-2741 ext. 2221