<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=192888919167017&amp;ev=PageView&amp;noscript=1">
Thursday, March 28, 2024
March 28, 2024

Linkedin Pinterest

MLB tells court why it should reject Dodgers’ plan

The Columbian
Published: July 14, 2011, 12:00am

DOVER, Del. (AP) — Major League Baseball renewed its objections to the Los Angeles Dodgers’ proposed bankruptcy financing, telling a federal court the commissioner’s office was offering $150 million in loans at far more favorable terms.

In a filing made Thursday and a sworn statement submitted by MLB Executive Vice President John McHale Jr., baseball said that unlike the financing offered by the Dodgers with the hedge fund Highbridge Capital, baseball would not require any liens on the Dodgers’ assets.

In addition, baseball said its loan would be for 3 percentage points less than Highbridge’s, saving the Dodgers $4.5 million over a year. The loan also would run through Nov. 30, 2012, after the end of Fox’s exclusive negotiating period for the team’s next television contract.

A hearing before U.S. Bankruptcy Judge Kevin Gross is scheduled for Wednesday.

Loading...