Overview
- Hawthorne filed for bankruptcy in Chicago on Friday to restructure debt and pursue a buyer or investor to recapitalize the business and restart operations.
- The Illinois Racing Board suspended the track’s harness license last month after financial strains and canceled early-season races over missing surety bonds.
- Horsemen report at least $580,000 in bounced checks since August and additional sums owed, while the plan states accrued purses will be prioritized for payment.
- The track cites years of difficulty financing its state-authorized racino and setbacks including a sports betting partner ending online and mobile wagering and curtailed simulcast wagering.
- Hawthorne is working with Getzler Henrich & Associates to secure debtor-in-possession financing in a hearing expected next week, says roughly 250 jobs are at stake, and notes interest from potential buyers and recapitalization partners.