Chicago Horse Racetrack Files for Bankruptcy as Debt Piles Up
A horse race at Hawthorne Race Course in Stickney, Illinois.
Photographer: Vincent Alban/Chicago Tribune/TNS/Getty ImagesHawthorne Race Course Inc. filed for Chapter 11 bankruptcy protection in Chicago on Friday after months of complaints that checks were bouncing and purse money was going unpaid to the owners of winning horses.
In its petition, the company estimated assets of $50 million to $100 million and liabilities of $100 million to $500 million.