Hawthorne Race Course in suburban Chicago was able this week to secure a $16 million loan with hopes of being able to conduct a thoroughbred schedule starting in late April.
The track, which filed for bankruptcy earlier this month, secured a 120-day loan through JDI Loans to begin paying creditors. Hawthorne specifically filed a Chapter 11 reorganization via a “debtor in possession” financing method, also known as DIP. This allows Hawthorne to keep possession and control of its assets as it looks for a suitor in hopes of both survival and eventually building a $400 million racino in Stickney in the south suburbs of Chicago.
