Judge delays some decisions in Texas Rangers’ bankruptcy case after creditors’ objectionsBy Angela K. Brown, AP
Thursday, May 27, 2010
Creditors voice concerns over Rangers’ bankruptcy
FORT WORTH, Texas — A bankruptcy judge says he doesn’t want the Texas Rangers “to go hungry” during the team’s bankruptcy case but that a resolution may not come as quickly as the baseball club wants.
The day after the Rangers filed for Chapter 11 bankruptcy protection, U.S. Bankruptcy Judge D. Michael Lynn ruled Tuesday that the team could still meet its payroll, provide travel expenses and do other normal business operations.
But because of some creditors’ objections, the judge delayed until Wednesday a decision on the Rangers’ plan to pay the $75 million of the club’s debt tied up in owner Tom Hicks’ financially strapped ownership group.
That would remove the team from the additional claims by creditors against Hicks Sports Group that have held up the sale of the team.
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