Texas Rangers Go Voluntarily Bankrupt
Today, the Texas Rangers Baseball Partners announced a plan to facilitate the sale of the Texas Rangers to a group led by Chuck Greenberg and Nolan Ryan. The club and the land around the ballpark will be sold to the group for about $575 million. The sale is getting done through a voluntary pre-packaged bankruptcy process that will apparently satisfy the Hicks’ Sports Group massive debt to creditors — though the creditors were not made aware of this process before hand, and it is unclear whether or not they have legal grounds to block the process.
Hicks owes $525 million to 40 different creditors.