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MLB loans bankrupt Rangers $18.5M
FORT WORTH, Texas, May 26 (UPI) -- Major League Baseball moved Wednesday to supply an $18.5 million loan to the Texas Rangers to keep the team operating as it goes through bankruptcy.
The Rangers accepted MLB's offer as team owner Tom Hicks and a group of creditors led by Monarch Alternative Capital presented arguments in U.S. Bankruptcy Court in Fort Worth, Texas, The New York Times reported.
The Hicks Sports Group filed a bankruptcy petition Monday in an effort to speed the sale of the team to an investor group headed by Chuck Greenberg and Hall of Fame pitcher Nolan Ryan, but Hicks' creditors are resisting, contending better offers are available and that MLB is freezing other bidders out.
The Times said part of the creditors' strategy is to persuade the bankruptcy to wrest control of the sale process away from baseball and open the bidding beyond the proposed $575 million Greenberg-Ryan deal.
Hicks defaulted on $525 million in loans last year and put the team up for sale.
FORT WORTH, Texas, May 26 (UPI) -- Major League Baseball moved Wednesday to supply an $18.5 million loan to the Texas Rangers to keep the team operating as it goes through bankruptcy.
The Rangers accepted MLB's offer as team owner Tom Hicks and a group of creditors led by Monarch Alternative Capital presented arguments in U.S. Bankruptcy Court in Fort Worth, Texas, The New York Times reported.
The Hicks Sports Group filed a bankruptcy petition Monday in an effort to speed the sale of the team to an investor group headed by Chuck Greenberg and Hall of Fame pitcher Nolan Ryan, but Hicks' creditors are resisting, contending better offers are available and that MLB is freezing other bidders out.
The Times said part of the creditors' strategy is to persuade the bankruptcy to wrest control of the sale process away from baseball and open the bidding beyond the proposed $575 million Greenberg-Ryan deal.
Hicks defaulted on $525 million in loans last year and put the team up for sale.