By: The judge presiding over Tribune Co.'s Chapter 11 bankruptcy case has approved an expedited process for court action surrounding the company's sale of the Chicago Cubs baseball team.
The family of billionaire Joe Ricketts, founder of TD Ameritrade, has agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million.
Judge Kevin Carey on Monday approved a process that calls for any objections to the sale to be filed by Sept. 17, followed by a Sept. 24 hearing on court approval of the deal.
Carey also granted Tribune's motion for proposed break-up fees ranging from $5 million to $20 million if the deal does not close.
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