April 6 |
Fri Apr 6, 2012 5:06pm EDT
April 6 (Reuters) ? Los Angeles Dodgers said on Friday it
expects to emerge from bankruptcy by the end of April, after a
group spearheaded by basketball great Earvin ?Magic? Johnson
last week agreed to buy the baseball franchise.
The team, which had landed in bankruptcy court in June 2011,
said it is filing for an amended plan of reorganization, which
is scheduled for hearing on April 13.
On March 27, Dodgers? owner Frank McCourt announced a group
of buyers, led by investment banking firm Guggenheim Partners,
agreed to buy the team in a record $2 billion deal, paving the
way for the storied baseball franchise to emerge from
bankruptcy.
?The centerpiece of the amended plan is the agreement by
Guggenheim Baseball L.P. to pay $2 billion to acquire the equity
of the reorganized debtors,? the Dodgers said in a statement.
The amended plan provides for the payment of all allowed
claims of creditors in full, it said.
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