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Magna Appoints Interim CEO

Magna Entertainment Corporation has appointed its restructuring adviser, Greg Rayburn, as interim chief executive officer.

The operator, currently in the midst of Chapter 11 bankruptcy reorganization, is appointing Rayburn to lead restructuring activities and oversee the bankruptcy sale of Magna’s assets, including several famous racetracks and the Preakness Stakes, the Triple Crown event that already has several interested suitors-including, most recently, the state of Maryland.

Rayburn is currently senior managing director and practice leader of FTI Palladium Partners. He has more than 26 years experience in corporate restructuring efforts, serving as CEO or restructuring officer for companies including WorldCom, aaiPharma and Muzak Holdings.

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