some excerpts from a story at washington post:
"..... and reported in its financial statement that its "ability to continue as a going concern is in substantial doubt "
Magna, which also lost $288.3 million between 2004 and 2006, is carrying long-term debt of $879.9 million
with $209.4 million of that debt due this year. (my bold)
Maryland Racing Commission Chairman John Franzone has called on Magna to detail its finances at the commission's upcoming meeting March 18.
Magna's stock fell 9 cents yesterday, with a closing value of 79 cents per share. On Feb. 14, NASDAQ warned the company its stock would be delisted if the share value didn't rise above $1 by this summer.
Every quarter, [Magna says,] 'We're going to sell assets and reduce debt,' and nothing ever happens."
http://www.washingtonpost.com/wp-dyn...022903925.html
that's the link to the story. much as magna seems to be fodder for jokes, this is a very, very serious issue. i'm not sure at this point that magna can escape bankruptcy, with that much debt due. where in the world can they get financing? and the more serious issue, how do they come up with a plan to get out of bankruptcy if that's the way they end up going. i don't think that slots, even if they pass in MD, will come soon enough to fix this problem. it is a HUGE problem, and has been staring frank in the face for years, seemingly with him only using a 'deer in the headlights' approach to solving these problems.