Court Says Centaur Can Poll Creditors on its Chapter 11 PlanOctober 21, 2010 – In The News
Despite Centaur LLC’s recent court approval to poll creditors on its Chapter 11 reorganization plan, a major element of that plan, the Valley View Downs horse-racing and casino development, is still waiting approval. The Pennsylvania gambling regulators are hesitant to grant a license due to financial instability of the developers. Ultimately, it will be up to a bankruptcy judge to decide who gets what’s left of Centaur’s efforts to launch a combination racing and gambling venue outside of Pittsburgh.
Creditors will be competitive over the cash raised from an auction of Centaur’s Valley View Downs interests, including a 250-acre site and the license application. Jeffrey Schlerf, Centaur’s attorney, said the company preferred to “hold off” on announcing the winning bidder because the bid is subject to regulatory approval. “It was a lively auction,” said Schlerf, at a hearing in the U.S. Bankruptcy Court in Wilmington, DE.