Rangers Filing Not A Prepackaged Plan: US Trustee

Law360, New York (May 25, 2010, 6:49 PM EDT) -- The Texas Rangers' Chapter 11 filing should be treated as a traditional bankruptcy rather than a prepackaged plan because its lenders did not have a hand in developing the proposal and the Major League Baseball team did not solicit voting before launching the case, the U.S. trustee said Tuesday.

William T. Neary, the U.S. trustee responsible for the Texas Rangers Baseball Partners filing, asked the U.S. Bankruptcy Court for the Northern District of Texas not to defer appointing a creditors committee or to put off the...
To view the full article, register now.