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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Indianapolis Downs, LLC
Citation:
486 B.R. 286 (2013)Facts
The Debtors operated a combined horse racing track and casino in Shelbyville, Indiana, employing over 1,000 people. They filed for Chapter 11 protection on April 7, 2011, with substantial secured indebtedness: over $98 million in first priority secured debt, $875 million in second lien debt, and approximately $78 million in third lien debt. After months of negotiations, the Debtors, Fortress Investment Group, and the Ad Hoc Second Lien Committee reached consensus on a “parallel path” approach to reorganization, memorialized in a Restructuring Support Agreement dated April 25, 2012. The RSA provided for specific terms of a dual-track plan (sale or recapitalization), required the Debtors to propose a plan within a set timeframe, prohibited parties from supporting competing plans, and required signatories to vote for a compliant plan. The marketing effort ultimately proved successful, culminating in a bid from Centaur LLC for $500,000,001. The Oliver Parties objected to confirmation and moved to designate the votes of the RSA parties, arguing that the RSA constituted an improper solicitation of votes prior to court approval of a disclosure statement.
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