Chapter 11

One day after the latest hearing in a federal Bankruptcy Court in Chicago over Hawthorne's insolvency dealings, a slight equipment delay puts a question mark over the start of training in preparation for a Spring Thoroughbred meet, but there appears to be movement over important simulcast signals going back online. According to Illinois Thoroughbred Horsemen's Association (ITHA) President Chris Block, the trucks to haul the dirt surface to the track have been rented, but the loaders needed to move the dirt into the trucks have yet to arrive. "The conversion...

After two days of proceedings in a federal bankruptcy court in Chicago Tuesday and Wednesday, judge Timothy Barnes has authorized the release of funds to pay outstanding wages owed to Hawthorne employees and to pay for the necessary equipment to resurface the track in preparation for a Thoroughbred meet, according to Illinois Thoroughbred Horsemen's Association (ITHA) president Chris Block, who attended the hearings. Hawthorne, and its related companies, filed for a Chapter 11 business reorganization Friday. The filing is built around a "debtor in possession" financing mechanism, which is when...

Hawthorne Race Course, and its related companies, has filed for a Chapter 11 reorganization in Federal Bankruptcy Court in Chicago Friday. According to a press release issued by the track, the "reorganization plan will prioritize paying accrued purses to the Illinois Horsemen as well as payroll for the track employees while restructuring the company's debt. "The goal of the reorganization is to attract a buyer or investor willing to recapitalize Hawthorne and restart operations of the racecourse while maximizing recovery to the company's creditors. Hawthorne will be working with financial...