April 26 (Reuters) - MI Developments Inc:
* Announces confirmation by the bankruptcy court of the Magna Entertainment
plan of reorganization
* Says certain assets of MEC will be transferred to mid
* Paying creditors in exchange for dismissal of action commenced by the
creditors committee in bankruptcy court
* Says unsecured creditors of MEC will receive $89 million in cash
* Says unsecured creditors also get $1.5 million as a reimbursement for certain
expenses
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* Announces confirmation by the bankruptcy court of the Magna Entertainment
plan of reorganization
* Says certain assets of MEC will be transferred to mid
* Paying creditors in exchange for dismissal of action commenced by the
creditors committee in bankruptcy court
* Says unsecured creditors of MEC will receive $89 million in cash
* Says unsecured creditors also get $1.5 million as a reimbursement for certain
expenses
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.