Rangers Restructuring Officer Endorses ‘Enhanced’ Bid
July 30, 2010, 11:18 AM EDTBy David McLaughlin
(Updates with officer’s remarks in third paragraph.)
July 30 (Bloomberg) -- The Texas Rangers, the bankrupt Major League Baseball team, got an “enhanced” bid from a buyer group led by Nolan Ryan and Chuck Greenberg that was endorsed by the club’s court-appointed chief restructuring officer.
The deal with the Greenberg-Ryan group would require the court to cancel an auction of the team scheduled for next week, William Snyder, the restructuring officer, said at hearing today in U.S. Bankruptcy Court in Fort Worth, Texas. Snyder said he favored the new offer because it removes the uncertainty of an auction.
“It’s a fair price with a certain outcome,” he told U.S. Bankruptcy Judge D. Michael Lynn. Snyder didn’t give details of the new offer.
The team was scheduled to go up for auction Aug. 4 with the Ryan-Greenberg group leading the bidding. Lenders opposed to the terms of the auction have agreed to provide financing for a group led by Mark Cuban, owner of the National Basketball Association’s Dallas Mavericks, if he chooses to participate, the lenders’ lawyer said today.
The case is In re Texas Rangers Baseball Partners, 10- 43400, U.S. Bankruptcy Court, Northern District of Texas (Fort Worth).
--Editors: Andrew Dunn, Mary Romano
To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
