{"id":8230,"date":"2009-10-29T20:42:23","date_gmt":"2009-10-30T00:42:23","guid":{"rendered":"https:\/\/www.aroundfortwayne.com\/news\/?p=8230"},"modified":"2009-10-29T20:42:23","modified_gmt":"2009-10-30T00:42:23","slug":"centaur-takes-first-steps-in-restructuring-process","status":"publish","type":"post","link":"https:\/\/aroundfortwayne.com\/news\/2009\/10\/29\/centaur-takes-first-steps-in-restructuring-process\/","title":{"rendered":"Centaur takes first steps in restructuring process"},"content":{"rendered":"<p style=\"text-align: center\"><img decoding=\"async\" src=\"https:\/\/www.aroundfortwayne.com\/news\/wp-content\/uploads\/icons\/Hoosier_Park_logo.gif\" alt=\"Hoosier Park logo.\" \/><\/p>\n<p>Press release from Hoosier Park:<\/p>\n<blockquote><p><strong>Centaur Takes First Steps in Restructuring Process<\/strong><br \/>\n<em> \u00e2\u20ac\u02dcBusiness as Usual&#8217; for Hoosier Park and Fortune Valley<\/em><\/p>\n<p>(Indianapolis, Ind.; Oct. 29, 2009) \u00c2\u00a0Centaur, LLC continues to work with its lenders to develop a consensual agreement to address its capital structure at the corporate level, reduce its debt load and strengthen its future financial position.<\/p>\n<p><!--more--><\/p>\n<p>Emphasizing that casino, racing and hotel operations at its existing facilities would continue to serve its customers in a first-class &#8220;business as usual&#8221; manner, Centaur did not make interest payments to senior lenders on Oct. 27.<\/p>\n<p>Additionally, two of Centaur&#8217;s affiliated entities associated with its racing, gaming and entertainment development project in Pennsylvania elected to file voluntary bankruptcy petitions under Chapter 11 of the U.S. Bankruptcy Code yesterday to preserve the status of the Valley View Downs &amp; Casino project. These actions are first steps toward a more comprehensive, company-wide restructuring process.<\/p>\n<p>The company will continue to operate Hoosier Park Racing &amp; Casino in Anderson, Ind., and Fortune Valley Hotel &amp; Casino in Central City, Colo., without disruption while also pursuing the launch of Valley View Downs &amp; Casino in western Pennsylvania.<\/p>\n<p>&#8220;Speaking on behalf of Centaur&#8217;s existing properties, our commitment to our customers and employees is as strong as ever. We take great pride in providing our guests superior products and exemplary service. We also place high value in our employee&#8217;s contributions and role in this effort. Our ongoing dedication to providing an outstanding entertainment experience remains firmly in place,&#8221; said Jim Brown, General Manager of Gaming, Hoosier Park Racing &amp; Casino.<\/p>\n<p>&#8220;Our business operations at the property level are healthy and generate positive cash flow from operations. We remain committed to putting our capital structure on solid ground. Restructuring our corporate debt will place us in a position for long-term success and benefit our customers, employees, horsemen groups, host communities and other stakeholders. We are confident our steps will ultimately strengthen the company,&#8221; said Centaur Chairman Rod Ratcliff.<\/p>\n<p>Numerous companies have filed for reorganization in Chapter 11, including K-Mart, Macy&#8217;s, Texaco, and Bloomingdale&#8217;s. These companies used the Chapter 11 process to strengthen their businesses and are performing well today.<\/p>\n<p>&#8220;This step in Pennsylvania demonstrates how serious we are in clearing the way to get the Valley View Downs project built and operating. It allows the application process to continue and reflects our deep commitment to the project. The reason for this filing is to preserve the status of the Pennsylvania project, advance the restructuring process, and safeguard our gaming application.<\/p>\n<p>&#8220;In today&#8217;s challenging economic climate, there has been widespread restructuring of debt in our industry. We anticipate that this proactive step on our part to restructure our debt will expedite progress in Pennsylvania,&#8221; said Kurt Wilson, Centaur&#8217;s Chief Financial Officer.<\/p>\n<p><strong>About Centaur, LLC<\/strong><br \/>\nCentaur, LLC is an Indiana-based company involved in the development and operation of entertainment venues focused on horse racing and gaming. For more information, visit www.centaurgaming.net.<\/p><\/blockquote>\n<h3>Related Images:<\/h3><div class=\"ngg-related-gallery\">\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71709.jpg\"\n\t\t\ttitle=\"Mayor Tom Henry announces call for referendum vote on the gaming issue during a press conference on February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"199\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71709.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71709.jpg\" data-title=\"2009\/02\/27: Fort Wayne Mayor Tom Henry\" data-description=\"Mayor Tom Henry announces call for referendum vote on the gaming issue during a press conference on February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Fort Wayne Mayor Tom Henry\"\n\t\t\t\talt=\"2009\/02\/27: Fort Wayne Mayor Tom Henry\"\n\t\t\t\tdata-image-id=\"199\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71709.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71710.jpg\"\n\t\t\ttitle=\"Mayor Tom Henry shakes hands with Allen County Councilman Paul Moss after the press conference announcing his decision to seek a referendum vote on the gaming issue.  Photo taken February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"200\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71710.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71710.jpg\" data-title=\"2009\/02\/27: Mayor Tom Henry shakes hands with Allen County Councilman Paul Moss\" data-description=\"Mayor Tom Henry shakes hands with Allen County Councilman Paul Moss after the press conference announcing his decision to seek a referendum vote on the gaming issue.  Photo taken February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Mayor Tom Henry shakes hands with Allen County Councilman Paul Moss\"\n\t\t\t\talt=\"2009\/02\/27: Mayor Tom Henry shakes hands with Allen County Councilman Paul Moss\"\n\t\t\t\tdata-image-id=\"200\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71710.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71712.jpg\"\n\t\t\ttitle=\"Fort Wayne City Council President Tom Smith makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"201\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71712.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71712.jpg\" data-title=\"2009\/02\/27: Fort Wayne City Council President Tom Smith\" data-description=\"Fort Wayne City Council President Tom Smith makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Fort Wayne City Council President Tom Smith\"\n\t\t\t\talt=\"2009\/02\/27: Fort Wayne City Council President Tom Smith\"\n\t\t\t\tdata-image-id=\"201\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71712.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71714.jpg\"\n\t\t\ttitle=\"City Councilman Tim Pape makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"202\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71714.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71714.jpg\" data-title=\"2009\/02\/27: Fort Wayne City Councilman Tim Pape\" data-description=\"City Councilman Tim Pape makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Fort Wayne City Councilman Tim Pape\"\n\t\t\t\talt=\"2009\/02\/27: Fort Wayne City Councilman Tim Pape\"\n\t\t\t\tdata-image-id=\"202\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71714.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71715.jpg\"\n\t\t\ttitle=\"Allen County Councilman Paul Moss makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"203\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71715.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71715.jpg\" data-title=\"2009\/02\/27: Allen County Councilman Paul Moss\" data-description=\"Allen County Councilman Paul Moss makes a brief comment during the Mayor&#039;s press conference calling for referendum vote on the gaming issue.  Photo taken February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Allen County Councilman Paul Moss\"\n\t\t\t\talt=\"2009\/02\/27: Allen County Councilman Paul Moss\"\n\t\t\t\tdata-image-id=\"203\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71715.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71717.jpg\"\n\t\t\ttitle=\"Former City Councilman Dr. John Crawford and son Grant attended the press conference in which Mayor Henry called for a referendum vote on the gaming issue. Photo taken February 27, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"204\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/71717.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71717.jpg\" data-title=\"2009\/02\/27: Dr. John Crawford and son Grant\" data-description=\"Former City Councilman Dr. John Crawford and son Grant attended the press conference in which Mayor Henry called for a referendum vote on the gaming issue. Photo taken February 27, 2009.\">\n\t\t\t<img title=\"2009\/02\/27: Dr. John Crawford and son Grant\"\n\t\t\t\talt=\"2009\/02\/27: Dr. John Crawford and son Grant\"\n\t\t\t\tdata-image-id=\"204\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_71717.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85080.jpg\"\n\t\t\ttitle=\"Mayor Tom Henry addresses the press about the City&#039;s hiring of lobbyists to promote a referendum vote on gaming.  Deputy Mayor Greg Purcell is on the left and City Corporate Counsel Tim Haffner is on the right.  Photo taken May 1, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"1694\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85080.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85080.jpg\" data-title=\"2009\/05\/01: Mayor Tom Henry\" data-description=\"Mayor Tom Henry addresses the press about the City&#039;s hiring of lobbyists to promote a referendum vote on gaming.  Deputy Mayor Greg Purcell is on the left and City Corporate Counsel Tim Haffner is on the right.  Photo taken May 1, 2009.\">\n\t\t\t<img title=\"2009\/05\/01: Mayor Tom Henry\"\n\t\t\t\talt=\"2009\/05\/01: Mayor Tom Henry\"\n\t\t\t\tdata-image-id=\"1694\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85080.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85088.jpg\"\n\t\t\ttitle=\"Mayor Tom Henry addresses the press about the City&#039;s hiring of lobbyists to promote a referendum vote on gaming.  Deputy Mayor Greg Purcell is in the background.  Photo taken May 1, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"1695\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85088.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85088.jpg\" data-title=\"2009\/05\/01: Mayor Tom Henry\" data-description=\"Mayor Tom Henry addresses the press about the City&#039;s hiring of lobbyists to promote a referendum vote on gaming.  Deputy Mayor Greg Purcell is in the background.  Photo taken May 1, 2009.\">\n\t\t\t<img title=\"2009\/05\/01: Mayor Tom Henry\"\n\t\t\t\talt=\"2009\/05\/01: Mayor Tom Henry\"\n\t\t\t\tdata-image-id=\"1695\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85088.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85094.jpg\"\n\t\t\ttitle=\"City Corporate Counsel Tim Haffner answers a question from the press.  Photo taken May 1, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"1697\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85094.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85094.jpg\" data-title=\"2009\/05\/01: City Corporate Counsel Tim Haffner\" data-description=\"City Corporate Counsel Tim Haffner answers a question from the press.  Photo taken May 1, 2009.\">\n\t\t\t<img title=\"2009\/05\/01: City Corporate Counsel Tim Haffner\"\n\t\t\t\talt=\"2009\/05\/01: City Corporate Counsel Tim Haffner\"\n\t\t\t\tdata-image-id=\"1697\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85094.jpg\"\/>\n\t\t<\/a>\n\t\t\t<a href=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85095.jpg\"\n\t\t\ttitle=\"Deputy Mayor Greg Purcell answers questions from the press.  Tim Haffner is on the right.  Photo taken May 1, 2009.\"\n\t\t\tclass='thickbox' rel='d2d2740e719b3ca8f9d5e70ab8ed02af' data-image-id=\"1698\" data-src=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/85095.jpg\" data-thumbnail=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85095.jpg\" data-title=\"2009\/05\/01: Deputy Mayor Greg Purcell\" data-description=\"Deputy Mayor Greg Purcell answers questions from the press.  Tim Haffner is on the right.  Photo taken May 1, 2009.\">\n\t\t\t<img title=\"2009\/05\/01: Deputy Mayor Greg Purcell\"\n\t\t\t\talt=\"2009\/05\/01: Deputy Mayor Greg Purcell\"\n\t\t\t\tdata-image-id=\"1698\"\n\t\t\t\tsrc=\"https:\/\/aroundfortwayne.com\/news\/wp-content\/gallery\/cityoffw\/thumbs\/thumbs_85095.jpg\"\/>\n\t\t<\/a>\n\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Press release from Hoosier Park: Centaur Takes First Steps in Restructuring Process \u00e2\u20ac\u02dcBusiness as Usual&#8217; for Hoosier Park and Fortune Valley (Indianapolis, Ind.; Oct. 29, 2009) \u00c2\u00a0Centaur, LLC continues to work with its lenders to develop a consensual agreement to address its capital structure at the corporate level, reduce its debt load and strengthen its [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1087],"tags":[742,2103,743,744,864,2104,2105,2106],"class_list":{"0":"post-8230","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-gaming","7":"tag-casino","8":"tag-centaur-llc","9":"tag-gambling","10":"tag-gaming","11":"tag-hoosier-park","13":"tag-kurt-wilson","14":"tag-rod-ratcliff"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - 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