Bankrupt Rangers head back to court
by Associated Press
Published: June 15,2010
FORT WORTH, Texas — The Texas Rangers and their creditors head back to bankruptcy court to argue over more issues that have held up the baseball team’s sale.
The Rangers, who return to court today, want a bankruptcy judge in Fort Worth to approve a plan to pay $75 million in club debt tied up in owner Tom Hicks’ financially strapped ownership group. That plan removes additional claims by creditors against Hicks Sports Group, which defaulted on $525 million in loans last year.
Although last month’s bankruptcy filing was made by the team, not Hicks Sports Group, creditors say the Rangers are responsible for the entire debt of more than $500 million.
The plan would allow for the $575 million team sale to a group led by Pittsburgh attorney Chuck Greenberg and Hall of Famer and team president Nolan Ryan.
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