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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Study: Mississippi has highest sales tax rate in U.S.
- Prescription for success — Transcript Pharmacy continues fast growth
- MSU researchers develop timber-management software
- New law on taxing methods hailed as big win for businesses
- Panther Creek megasite — Putting a value proposition out there
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Panther Creek's location in medical industry zone boosts bio-med prospects
- BBB issues warning involving asphalt paving scam
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody