MONTREAL, Aug. 24 /CNW Telbec/ - RSM Richter Inc., the Court appointed
controller to supervise the restructuring of Attractions Hippiques groups'
financial affairs has advised, that following the failure of the Court
supervised attempt to sell the group, the syndicate of lenders to the
Attraction Hippiques group has accepted an offer to sell their debt and
securities to an affiliate of the group.
This will remove a major obstacle to Attractions Hippiques' proposed
restructuring as the lending syndicate's consent will no longer be required.
The offer is conditional upon the Court granting an additional delay to
Attractions Hippiques to file its restructuring plan and for the affiliate to
complete the debt sale, all of which is in the interest of the company, its
350 employees, the creditors and the Quebec horseracing industry.
The horseracing program at the Quebec City Hippodrome and pari-mutuel
activities on the premises of Attractions Hippiques will continue until the
restructuring plan is presented and approved by the Court.
"The syndicate of lenders has refused all proposals made by RSM Richter
and Attractions Hippiques. Since there is no serious buyer and a permanent
shutdown was imminent, this is the only avenue we had to save the horseracing
industry. With the help of the horseracing industry, we hope eventually
convince the government to do much more for the industry, " says Attractions
Hippiques President and Chief Operating Officer, Ian Wetherly.
For further information:
For further information: Ian Wetherly, President and Chief Operating
Officer, Attractions Hippiques, (514) 739-2741 ext. 2221