By: E&P Staff Tribune Co. is looking at declaring the Chicago Cubs bankrupt to speed the sale of the team and its landmark Wrigley Field ball park, according to several reports Monday.
When Tribune itself filed for Chapter 11 last December, the Cubs were not included in its bankruptcy petition. But now a prepackaged bankruptcy is being considered for the team in order to clear its books of liabilities and smooth the sale. In a prepackaged bankruptcy, a reorganization plan is agreed upon beforehand by creditors and the debtor with the aim of emerging from bankruptcy very quickly.
The plan to take the Cubs into bankruptcy was first reported by Bloomberg News.
"It's pretty certain that they will do it," Reuters quoted one unidentified source as saying. In the article by Ben Klayman, the source said the Cubs could emerge from bankruptcy within weeks or even days.
Tribune Co., through a spokesman, declined to comment on the report.
In recent days, Tribune moved closer to a sale of the club to the family of TD Ameritrade founder Joe Ricketts for about $900 million. At the same time, Tribune reportedly is continuing talks with another bidder for the team, New York investor Marc Utay.
On the flagship Chicago Tribune?s Web site Monday, reporter Bruce Japsen quoted unidentified sources as saying neither bidder would be affected by the bankruptcy filing.
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