Magna's plan has approval

Wilmington , Del.
A bankruptcy judge has agreed to grant final approval of a modified finsncing plan for horse track owner Mangna Entertainment Corp .
The financing plan calls for $ 38.4 million to be provided to Ontario based MEC by a subsidiary of its parnet company , MI Developments .

The amount was reduced from $ 62.5 million initially propsed , and the maturity extended 60 days until Nov 6 , allowing a longer marketing period for potential sales of MEC's assets . A hearning on motion to approve sale procedures for certain MEC assets was postponed until May 4.

wire reports