Cubs File For Ch. 11 As Part Of Sale to Ricketts

Law360, New York (October 12, 2009, 7:07 PM EDT) -- The Chicago Cubs have filed for bankruptcy in a move to protect the storied baseball franchise from claims against it as its ownership transfers from the bankrupt Tribune Co. to Ricketts Acquisition LLC.

The Chicago National League Ball Club LLC filed its bankruptcy petition Monday in the U.S. Bankruptcy Court for the District of Delaware. The petition lists the franchise's assets and liabilities at more than $1 billion each.

When approving the $845 million sale of the Cubs last month, Judge Kevin J. Carey said the...
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