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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Texas Rangers Baseball Partners
Citation:
434 B.R. 393 (2010)Facts
The Texas Rangers Baseball Partners (Debtor), a Texas general partnership owned by Rangers Equity Holdings GP, LLC (REHGP) and Ranger Equity Holdings, L.P. (REHLP), operated the Texas Rangers baseball club. These equity owners were indirect subsidiaries of HSG Sports Group, LLC, largely owned and controlled by Thomas O. Hicks. The Lenders were creditors of HSG in excess of $525 million, with Debtor having guaranteed and pledged its assets to secure $75 million of that amount. Debtor had not been profitable since its acquisition by Hicks in 1998. By 2008, Hicks determined he could not continue to advance funds to support Debtor and initiated a process that led to an agreement to sell the Rangers to Rangers Baseball Express, LLC (Express). The Lenders declined to approve the sale to Express, asserting that alternative purchasers existed who would pay more. Faced with this impasse, Debtor filed for Chapter 11 bankruptcy and proposed a plan to consummate the sale to Express, with the Lenders to be paid $75 million “in full satisfaction” of their claims.
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