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Hoosier Park misses $13.4M loan payment

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November 3, 2009

ANDERSON, IN - The owner of Hoosier Park, Centaur LLC, missed a $13.4 million interest payment last week on its outstanding debt of more than $400 million.

Centaur CFO Kurt Wilson said his company is trying to negotiate new terms with its 30 lenders and hopes to roll the $13.4 million payment into a larger restructured debt. He said the defaulted payment will have no immediate effect on Hoosier Park's operations.

"This is really just an issue where cash flows from our current healthy businesses don't support the [parent] company's debt structure," Wilson said. "We need to address that and make sure the problem is handled."

"Our aim is to reduce the outstanding debt, and the cost of that debt, so the company can be on solid ground going forward," he said.

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