The bankruptcy judge in the Los Angeles Dodgers case has scheduled a hearing April 13 to consider whether to confirm the revised Chapter 11 plan filed yesterday, ESPN reports. The Dodgers said the team is on track to exit bankruptcy as planned by April 30. The plan is based on the agreement by Magic Johnson- and baseball exec Stan Johnson-led Guggenheim Baseball Management to purchase the Dodgers for more than $2 billion, which the team contends will allow payment of all allowed creditor claims in full. Purchase price includes about $412 million of existing debt financing. The balance will be paid the current owner Frank McCourt from equity financing by owners and affiliates of Guggenheim, which has provided a cash deposit of about $159 million. The April 30 date was part of a settlement between the Dodgers and Major League Baseball. The date coincides with the deadline for McCourt to pay $131 million to his ex-wife, Jamie, under terms of their divorce. If necessary, however, the Dodgers can seek MLB approval to extend the closing date.
By THE DEADLINE TEAM | Saturday April 7, 2012 @ 7:01am PDTTags: Dodgers, Guggenheim Partners, Magic Johnson
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This article was printed from http://www.deadline.com/2012/04/dodgers-bankruptcy-exit-hearing-april-13/