WOW:Eskendereya to Be Sold Under Zayat Plan

Shawnah — Sun, 18 Apr 2010 20:17:23 +0000

By Ron Mitchell
Updated: Sunday, April 18, 2010 10:33 AM
Posted: Sunday, April 18, 2010 9:17 AM
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Zayat Stables has agreed to sell all of grade I winner and probable Kentucky Derby favorite Eskendereya this year under a bankruptcy reorganization plan that projects all creditors will be paid in full by the end of 2014.

As part of the voluminous reorganization plan filed in New Jersey federal bankruptcy court April 16, Zayat Stables and its managing member and officer, Ahmed Zayat, project various income and expense scenarios under which creditors will be paid.

The documents project Zayat will have income from the sale of horses of $16.8 million, $15.2 million, $10 million, $11 million, and $11 million in 2010, 2011, 2012, 2013, and 2014, respectively.

“The projections assume that the debtor will sell a sufficient number of horses, including 100% of Eskendereya in 2010…A non-refundable deposit of $2 million is assumed to be received in September 2010 from the sale of Eskendereya, with the remaining Eskendereya proceeds assumed to be received in December 2010.”

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WOW:Eskendereya to Be Sold Under Zayat Plan