Malibu Grand Prix President Leaves Board

The president of financially troubled Malibu Grand Prix Corp. has resigned from its board of directors, and the Woodland Hills-based amusement center company is “engaged in discussions” about his status as president and chief operating officer as well, the company said Thursday.

Neither the president, Edward T. Peabody Jr., nor the chairman and chief executive, Ira L. Young, could be reached for comment. Peabody, 42, has been a director and the president and chief operating officer since March, 1984, according to a Malibu proxy statement.

Before that, he was president of Animated Playhouse Corp. He has also served as vice president and chief operating officer of Swenson’s Ice Cream, according to the proxy.

Malibu also said Thursday that the creditors’ committee of its bankrupt Castle Entertainment Inc. unit agreed to give Malibu until Aug. 30 to make the overdue first payment on a $24-million note. The $1-million payment had been due July 13.

Malibu has about 45 amusement centers nationwide, most including scaled-down race tracks. In 1984, Malibu lost $6.3 million on revenue of $28.1 million, and it lost $2.4 million on revenue of $6.1 million in this year’s first quarter.