Magna Entertainment (MECA) Filing for Chapter 11 Bankruptcy
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Magna Entertainment Corp. (NASDAQ: MECA), together with certain of its wholly-owned subsidiaries, today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek recognition of the Chapter 11 proceedings from the Ontario Superior Court of Justice under section 18.6 of the Companies' Creditors Arrangement Act in Canada.
More from the release.
NOTE: the stock is currently halted.
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