Dodgers say bankruptcy case is on track
Friday, April 6, 2012
DOVER, Del. (AP) -- The Los Angeles Dodgers say they are on track to exit bankruptcy as planned on April 30.
The franchise filed an amended reorganization plan Friday in a bankruptcy court in Delaware.
The revised plan is based on an agreement announced last week to sell the team for more than $2 billion, which the Dodgers say will allow for the payment of all allowed creditor claims in full.
The Dodgers are being bought by Guggenheim Baseball Management, a group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten.
The April 30 date is part of a settlement between the Dodgers and Major League Baseball and coincides with the deadline for current owner Frank McCourt to pay $131 million to his ex-wife, Jamie, as part of their divorce settlement.