Texas Rangers File for Chapter 11 Bankruptcy
Thinking about filing for Oklahoma Chapter 11 Bankruptcy? For the Texas Rangers, it was “the correct thing to do”, according to the new team president, Nolan Ryan, who made the decision alongside attorney Chuck Greenberg. The bankruptcy filing was made four months after Tom Hicks announced his decision to sell the team for $575 million, in hopes of spurring the stalled completion of the sell. “I did not want to put the baseball future of the Texas Rangers in jeopardy or uncertainty for an extended period of time”, Hicks said. With the non-waiver trading deadline set for July 31, the sale of the team needed to be completed before then in order for the team to have financial flexibility in trading. “We have some deadlines coming up that are obviously important to us as a ballclub, and feel like by bringing this to finality that we will then be able to do the things we feel like we need to do and push forward with the winning ways of the ballclub.” Ryan said about the matter.
OKLAHOMA BANKRUPTCY – EVEN THE TEXAS RANGERS ARE FILING
The bankruptcy petition will take several more weeks to be completed before considered for approval from court. The filing included the names of 6 players who are still owed millions: Alex Rodriguez is owed $24.9 million, Kevin Millwood is owed $12.9 million, Michael Young is owed $3.9 million, Vicente Padilla is owed $1.7 million, Mickey Tettleton is owed $1.4 million, and Mark McLemore is owed $970,000. The new owners met with the players before their flight to Kansas City to tell them the news, which was taken well. “Once we knew bankruptcy was a way to expedite the sale, we knew it wasn’t that big of a deal.” This case is not the first of its kind: the Chicago Cubs, for example, briefly filed for Chapter 11 protection last year in a step that allowed their new owners to avoid potential claims from Tribune Co. creditors.
HOW AN OKLAHOMA CITY BANKRUPTCY ATTORNEY CAN HELP
Bankruptcy attorneys understand the advantages and disadvantages of bankruptcy in each particular situation, and know which situations can make this decision beneficial or harmful to you. If you are considering filing for Chapter 11 Bankruptcy, feel free to contact us for any questions!