Tags : cubs, mlb
Cubs File For Chapter 11; Prepare To Transfer Team To Ricketts’ Family
Chicago, IL (AHN) – In a procedural move, the Chicago Cubs filed for bankruptcy Monday to facilitate the transfer of the team to its new owners, the Ricketts family.
Though the baseball club is not in financial trouble, the move is connected to the Tribune Co.’s own Chapter 11 bankruptcy case that began in December.
The Cubs team and related assets were left out of that case. The baseball team is expected to stay in bankruptcy for just one day.
With the finalization of sale of the team to the Ricketts family, the procedure prevents creditors in the original case from claiming against the sold company.
During the time it filed for bankruptcy in December, the Tribune Co. was indebted for an estimated $13 billion.
The Ricketts family is expected to close the deal with Tribune Co. by the end of the month once the baseball team is cleared.
A hearing is scheduled Tuesday by the judge in the Tribune Co. bankruptcy case.
The Cubs finished the season with an 83-78 record.
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