- Current report filing (8-K)
March 03 2009 - 10:08AM
Edgar (US Regulatory)
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities
Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 27, 2009
MAGNA ENTERTAINMENT CORP.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
000-30578
|
|
98-0208374
|
(Commission File Number)
|
|
(I.R.S. Employer Identification No.)
|
337 Magna Drive, Aurora, Ontario, Canada
|
|
L4G 7K1
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
(905) 726-2462
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if changed since Last
Report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
On February 27,
2009, the Registrant issued a press release announcing that it had received
written notice from its lenders that Pimlico Racing Association, Inc.,
Laurel Racing Association Limited Partnership, Laurel Racing Assoc., Inc.
and The Maryland Jockey Club of Baltimore City, Inc. (collectively MJC),
each a subsidiary of MEC, was in default under the PNC Bank, National
Association (PNC Bank) loan agreement for failure to comply with certain
financial covenants relating to the financial position and results of operation
of MJC and related entities. PNC Bank
has informed the Registrant that it has chosen not to exercise its rights and
remedies under such loan agreement at this time as a consequence of this event
of default, but may choose to do so at any time in the future without any
further written notice. In addition, the
Registrant had previously notified Wells Fargo Bank, National Association and a
Canadian chartered bank with which it has a US$40 million credit facility that
the Registrant or certain of its subsidiaries have not met certain financial
covenants of the loan agreements with such lenders. To date, such lenders have not exercised
their default-related rights under their respective loan agreements.
The information contained
under this item 7.01 (including Exhibit 99.1) shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange
Act) or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933
or the Exchange Act, except as expressly set forth by specific reference in
such filing.
Item
9.01 Financial Statements and Exhibits
(c)
|
|
Exhibits
|
|
|
|
Exhibit 99.1
|
|
Press Release dated February 27, 2009.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
MAGNA ENTERTAINMENT CORP.
|
|
(Registrant)
|
|
|
|
|
|
March 3, 2009
|
by:
|
/S/WILLIAM G. FORD
|
|
|
William G. Ford,
|
|
|
Secretary
|
2
Magna Entertainment Corp (MM) (NASDAQ:MECA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Magna Entertainment Corp (MM) (NASDAQ:MECA)
Historical Stock Chart
From Aug 2023 to Aug 2024