Updated from 2:34 p.m. EDT
Magna Entertainment (MECA Quote) said it plans to eliminate its net debt by Dec. 31, 2008, by generating roughly $600 million to $700 million from the sale of assets, entering into strategic transactions involving its racing, gaming and technology operations, a possible equity issuance and improved earnings.
The company, an operator of horse tracks and off-track betting facilities, also expects to arrange $100 million of funding to address its immediate liquidity concerns and provide sufficient time to implement the plan. Shares of Magna closed up 19.9% to $2.23.
SteelCloud (SCLD Quote) rose following its latest quarterly results and word of a new contract. For the third quarter, revenue fell to roughly $4 million, a decrease of about 33.7% from a year ago, but SteelCloud's loss shrank to $675,012, or 5 cents a share, from last year's $6.5 million and 46 cents a share. ...
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