Judge says Texas Rangers’ bankruptcy plan needs changes to avoid creditors’ killing it

Rangers expected to change bankruptcy plan

FORT WORTH, Texas — A bankruptcy judge says the Texas Rangers will have to change their bankruptcy plan to avoid having it killed by upset creditors.

In a ruling issued Tuesday, U.S. Bankruptcy Judge D. Michael Lynn in Fort Worth said creditors and team owners were adversely affected by the Rangers’ plan. That plan calls for paying creditors $75 million and selling the team to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg.

The judge didn’t take issue with the $75 million figure but with some creditors’ rights being removed.

The ruling allows the team and two groups of creditors to vote on the plan. Because creditors have said they would vote against it, the Rangers are expected to change the plan before any vote happens.