Retama Park, a Texas-based, $250 million thoroughbred horse track, defaulted on its obligations on $100 million in tax-free debt.
After filing for Chapter 9 Bankruptcy protection, Lee Katz developed a restructuring plan and substantially improved the horse track's cost structure. Additionally, Katz restructured the $100 million in bond debt and issued newly defeased bonds.
After working with the horse track for 18 months, Katz returned Retama Park to profitability.
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