Lone Star Park: “We’re Racing”

Just heard from Lone Star Park spokesman Dan Leary, who forwarded along a statement from the race track  about the company’s Chapter 11 filing on Thursday. The Mighty MJH opined yesterday on how the bankruptcy filing could impact the racing season.

According to the statement, it won’t. Lone Star is apparently not part of the bankruptcy filing. Tickets will go on sale Monday for the spring season, which opens April 9.  The text of the statement, which should be attributed to LSP  President Drew Schubeck, follows:

“On Thursday, March 5, Lone Star Park’s parent corporation Magna Entertainment Corp. (MEC) and some of its subsidiaries announced that they have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.

It is important to note that Lone Star Park is not among the parties filing for Chapter 11 bankruptcy protection and will not be included in the bankruptcy proceeding.  As a result, none of Lone Star Park’s accounts or assets will be frozen or negatively affected by this filing.  Accordingly, there should be no immediate implications for Lone Star Park, our employees, horsemen, vendors or customers.

We are proceeding with business as usual with our daily, off-season simulcasting operations in the Post Time Pavilion and the preparations for our 2009 Spring Thoroughbred Spring Meet that opens on Thursday, April 9.

MEC and the affected subsidiaries are seeking reorganization under Chapter 11 of the federal bankruptcy code to address their current debt situation in such a way as to allow them to emerge from the bankruptcy proceeding stronger and better equipped to respond to future economic challenges.”