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Zayat Agrees To Sell Kentucky Derby Fav Eskendereya

Monday, 19th April 2010

High-profile US owner Ahmed Zayat "has agreed to sell all of multiple Gr1-winner & probable Gr1 Kentucky Derby favourite Eskendereya this year under a bankruptcy reorganisation plan for his Zayat Stables that projects all creditors will be paid in full by the end of 2014," reported bloodhorse.com. As part of the "voluminous reorganisation plan filed in New Jersey federal bankruptcy court", Zayat Stables "projects it will have income from the sale of horses of US$16.8 million in 2010, US$15.2 million in 2011, US$10 million in 2012, US$11 million in 2013 & US$11 million in 2014". The plan notes: "The projections assume the debtor will sell a sufficient number of horses, including 100% of Eskendereya in 2010. A non-refundable deposit of US$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." Zayat filed for bankruptcy protection earlier this year after Fifth Third Bank filed suit seeking payment on loans totaling more than US$34 million. One of North America's leading owners since being established in 2005, Zayat Stables owns more than 200 horses.

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