From NYCOTB Could Be Reprieved by Senate

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The New York City Off-Track Betting Corp. could get a last-minute reprieve from its threatened shut-down following a promise Dec. 2 by the New York state Senate to return to the Capitol next week to take up a reorganization bill for the state-owned entity.

NYCOTB is scheduled to cease its operations at the close of business Dec. 3, the first anniversary of its Chapter 9 bankruptcy petition filing, after the Senate left town this week following a one-day special session without taking up an OTB reorganization plan.

The bailout plan—backed by its bankruptcy creditors, including the New York Racing Association, but opposed by a number of racinos and other OTB corporations—was approved this week by the Assembly.

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