Judge postpones Rangers sale 28/06/2010 |
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A US judge has postponed the proposed sale of the Texas Rangers, saying the baseball team should first negotiate with lenders opposing the deal, court documents show.
A group led by team president and Hall of Fame pitcher Nolan Ryan was set to pay about $575m for the Rangers.
But Judge Michael Lynn wrote in an order: "The court understands that additional time for mediation could possibly lead to the proposal of a consensual plan in this case.”
Reuters reports that mediation will begin on July 16 and a hearing on confirmation of the sale is scheduled on July 22. A hearing on the sale of the group was originally scheduled for July 9.
The Rangers filed for Chapter 11 bankruptcy protection on May 24 to ease owner Tom Hicks' proposed sale of the team to Ryan and Chuck Greenberg, a Pittsburgh lawyer.
However, Hicks' secured lenders, led by New York-based distressed debt investor Monarch Alternative Capital LP, oppose it, saying it shortchanges them. The lender group opposing the sale also includes JP Morgan & Chase Co.
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