$150M Sale Of NHL's Dallas Stars Wins Approval

Law360, Wilmington (November 18, 2011, 1:40 PM EST) -- Vancouver businessman Tom Gaglardi received a Delaware bankruptcy court’s blessing Friday to purchase the National Hockey League's Dallas Stars for about $150 million.

U.S. Bankruptcy Judge Peter J. Walsh approved the sale — which includes $51.4 million in cash and a new loan of $100 million — along with the team’s prepackaged reorganization plan, which provides minimal recovery to junior lenders owed almost $150 million.

The sale and plan confirmation caps off a speedy and relatively seamless two-month stint in Chapter 11 for the troubled franchise....
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