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Key Creditors in Texas Rangers Bankruptcy Case Issue Statement on Tuesday's Ruling PDF Print E-mail
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MLB Club Sales
Written by Maury Brown   
Tuesday, 22 June 2010 22:07

Texas Rangers

THIS IS BREAKING NEWS...

The Ad Hoc Group of First Lien Lenders (collectively, the “Lenders”) in the Texas Rangers Baseball Partners (“TRBP”) bankruptcy matter today issued the following statement in connection with today’s Court ruling:

"We welcome today's developments, in which Judge Lynn upheld the Lenders’ initial and long-standing conviction: that the current plan to sell the Texas Rangers impairs the Lenders, as well as Rangers Equity Owners, and gives them a right to consent to the proposed sale. Also, in today’s hearing, Judge Lynn confirmed the parties’ agreement to the appointment of William Snyder as a Chief Restructuring Officer of the Rangers Equity Holders,an independent fiduciary charged with ensuring that the plan that is put forward is in the best interests of the creditors of these equity holders, including the Lenders, who have claims of more than $500 million against those equity holders."

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Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to Forbes SportsMoney blog. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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