Cubs file for bankruptcy

min0 lee · 10-12-2009, 01:28 PM

Chicago Cubs file for Chapter 11 bankruptcy to speed team's sale - ESPN Chicago

Quote:

NEW YORK -- The Chicago Cubs filed for Chapter 11 bankruptcy protection Monday, a step that will allow their corporate parent to sell the team in an $845 million deal.
The filing in Wilmington, Del., was anticipated and is expected to lead to a brief stay in Chapter 11 for the Cubs. A hearing on the case was scheduled for Tuesday.
It comes as part of the Tribune Co.'s plans to sell the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts, the founder of Omaha, Neb.-based TD Ameritrade.
Tribune, which also owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing. The team's run through Chapter 11 is expected to protect its new owners from potential claims by Tribune creditors.
Tribune bought the Cubs in 1981 for $20.5 million from candymaker Wm. Wrigley Jr. Co. It announced plans to sell the franchise in 2007, but got tripped up by the recession and the collapse of the credit markets.

**calalily1972** · 10-12-2009, 04:31 PM

Uggh could that poor team have anymore bad luck???

min0 lee · 10-12-2009, 04:32 PM

I do feel for them.

10-12-2009, 04:32 PM	#3
min0 lee Senior Member Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 38,792 Photos: 542	I do feel for them. How To Do The Perfect Bench Press Rep Bodybuilding and Lifting Weights, the Difference ironmagazine-frapper

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10-12-2009, 04:31 PM	#2
calalily1972 Moderator Moderator Join Date: Apr 2002 Posts: 22,438 Photos: 1	Uggh could that poor team have anymore bad luck???