Indianapolis Downs has reached an agreement with its two key stakeholders on a path forward that would feature a sale process for the company and, if that does not produce a transaction, a consensual reorganization plan, according to court documents.
The company did not provide further details, but said it would file documentation for the deal by April 18. According to a March 28 motion, that is also the date to which Indianapolis Downs is seeking to now extend its exclusive period to file reorganization plan. Exclusivity expired on March 28, but under Delaware court rules the filing of the motion automatically extended it.
The company said that it has agreed with the stakeholders, Fortress Credit Opportunities Advisors and an ad hoc committee of second-lien noteholders, on a term sheet and was in the process of completing a plan-support agreement.
In the meantime, the company said the marketing and sale process called for in the deal got underway on March 26.
In addition to plan-filing exclusivity, the company also asked the court to extend the corresponding exclusive period to solicit acceptance to the proposed plan to June 5. The company added that it anticipates holding a confirmation hearing “around” Aug. 10. – Alan Zimmerman