DIP Hearing Opens Door For Bids On MLB's Rangers

Law360, New York (May 27, 2010, 6:50 PM EDT) -- Major League Baseball has won an auction to provide the Texas Rangers with $21.5 million in bankruptcy financing, but pressure from lenders competing for the loan has recast the terms of the financing and permitted the team to entertain alternatives to a $575 million purchase bid.

Judge D. Michael Lynn of the U.S. Bankruptcy Court for the Northern District of Texas signed off on the financing agreement Wednesday, granting the team immediate access to $6 million to meet day-to-day costs.

But the financing hearing dramatically changed...
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