Thread: MAGNA: Desperate hours fast approaching..
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Old 02-19-2009, 12:31 PM
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Matt Hegarty's take..


Failed plan results in Magna's loans coming due
By Matt Hegarty

http://www.drf.com/news/article/101765.html

MI Developments has abandoned a complex proposal to spin-off the troubled racing company Magna Entertainment Corp., according to both companies, a decision that leaves Magna with few options to retire a crushing debt load.

In a release, MI Developments said it had canceled the plan because of "current global economic conditions." The plan, which was announced in late November but was immediately opposed by several large shareholders, would have transferred all of MI Development's stock in Magna Entertainment to a company controlled by Magna's founder, Frank Stronach.
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