Following auction, Ryan and Greenberg clear next hurdle

The Texas Rangers got approval Thursday to exit federal
bankruptcy protection, little more than 12 hours after Hall of Fame
pitcher Nolan Ryan's group bought the team at a marathon auction.
The Thursday afternoon ruling by U.S. Bankruptcy Judge Stacey
Jernigan clears the way for Major League Baseball to formally
approve Ryan and sports attorney Chuck Greenberg as the team's new
owners next week.
The court-appointed restructuring officer and creditors had
opposed the bankruptcy plan since it was filed in May to push
through the sale to the Greenberg-Ryan group. But on Thursday, they
said they supported it because the auction resulted in a higher
price for the Rangers.
Rangers attorneys say disputes with lenders and others had been
resolved.



 
Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus