Texas Rangers File Ch. 11 To Aid $575M Sale

Law360, New York (May 24, 2010, 5:19 PM EDT) -- Major League Baseball's Texas Rangers have filed for bankruptcy protection in a move aimed at smoothing the team's pending $575 million sale to a group led by Rangers President and Hall of Fame pitcher Nolan Ryan and Pepper Hamilton LLP partner Charles Greenberg.

The team filed the voluntary, prepackaged bankruptcy petition Monday in the U.S. Bankruptcy Court for the Northern District of Texas, listing assets and liabilities of between $100 million and $500 million each.

The team said in a statement that the plan had been...
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