Bankruptcy Indiana

Back in March of this year, the Chapter 11 bankruptcy of Hoosier Park in Anderson was the featured story in my Bankruptcy in Indiana article. I explained that, even though I've provided Indiana bankruptcy help to many small businesses, I use news stories about bigger companies to illustrate how the new bankruptcy laws in Indiana work. In addition, with one of the four Zuckerberg bankruptcy law offices located in Anderson, I was especially interested in the bankruptcy of the Anderson-based company.

Centaur, LLC, the parent company of Hoosier Park casino and horsetrack, filed Chapter 11 bankruptcy, planning to reorganize the company and start over financially. As a small business bankruptcy Indiana lawyer, I was careful to explain to readers and clients that what that meant was that the company and its lenders had agreed to work together to keep the business going and to pay debts over time, treating all parties to the Chapter 11 bankruptcy in Indiana as fairly as possible.

Centaur's reorganization plan has two parts:

• Stretch out debt repayment  by issuing bonds and warrants
   
• Sell properties at auction (a hotel it owns west of Denver and a planned horsetrack near Pittsburg)

Centaur is asking the bankruptcy court to approve its plan and hopes to emerge from bankruptcy in March of next year.

The attorneys in Indiana who are my colleagues in the Zuckerberg bankruptcy law offices in Anderson and I have been following the Centaur story closely. We all agree that the Centaur bankruptcy is not what Indiana investors had in mind when they committed money to Hoosier Park, in some ways it sets a good example for small business owners.  Centaur heeded the warning signs and took the necessary, if difficult, actions in time to save their company.

After almost 25 years serving as a small business bankruptcy attorney in Indiana, I know. Bankruptcy is a very bitter pill for any business owners to swallow!  As I see the Mark Zuckerberg mission, though, it's to help business owners evaluate all available options and make the decision that's best for them and for their business when it comes to deciding whether to file bankruptcy in Indiana!