Barbara D. Livingston
Ahmed Zayat (right) is shown in 2015 with his Triple Crown winner American Pharoah. In 2009, his racing operation, Zayat Stables, was reorganized under a chapter 11 bankruptcy filing.
Ahmed Zayat, whose racing stable is currently being sued by an investment company that loaned him tens of millions of dollars, has filed for Chapter 7 bankruptcy, according to a court filing.
The filing, which was first reported by Thoroughbred Daily News, lists assets of approximately $2 million and liabilities of nearly $20 million. Chapter 7 bankruptcy, which is also known as liquidation bankruptcy, generally requires the disposition of nearly all assets from the debtor in order to pay off creditors.