The Texas Rangers’ reorganization plan was challenged in bankruptcy court earlier this week. According to court reports, a bankruptcy judge said that while the lenders cannot veto a sale they do have a say in the sale process.
As a result of the ruling, the current owner and secured creditors will need to renegotiate the bankruptcy plan. The result of the ruling could also reopen the bidding process for the team.
If your company has questions about filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway at (205) 324-4000.