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Indianapolis Downs reaches settlement with Cordish

Indianapolis Downs LLC reached a settlement with the property’s former manager, the Cordish Cos., according to Bloomberg.

The settlement simplifies the process of winning approval of the reorganization plan at an Aug. 22 confirmation hearing.

The track and Cordish were in multiple disputes over a license agreement and the contract where Cordish assisted in constructing, developing and managing the project.

Cordish was making an unsecured claim of $17 million and a separate claim for $33 million allegedly representing an expense of the Chapter 11 case that must be paid in full for Indianapolis Downs to emerge from bankruptcy.

Under the settlement filed last week with the bankruptcy court in Delaware, Baltimore-based Cordish will be paid $3.5 million cash not later than Aug. 22. In addition, Cordish will have an approved unsecured claim for $12 million. Cordish waives all other claims.