Tribune's Cubs Sale OK'd In 2nd Bankruptcy Case

Law360, New York (October 13, 2009, 6:21 PM EDT) -- A federal bankruptcy judge has approved the $845 million sale of the Chicago Cubs baseball team from bankrupt Tribune Co. to Ricketts Acquisition LLC just one day after the team filed for Chapter 11 bankruptcy in a move to protect itself from Tribune creditors.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware issued the ruling after a hearing Tuesday. Carey had previously authorized the sale, aimed to refocus Tribune's portfolio on its core publishing and broadcasting businesses, during Tribune's bankruptcy...
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