The sale of the Texas Rangers by Tom Hicks to a group headed by Chuck Greenberg is not proceeding smoothly. Although announced in January, it is now before a Federal Bankruptcy Court. Judge Michael Lynn issues a ruling today that creditors are adversely affected by a plan to pay them $75 million and are entitled to vote on it. The sale could fall through if the creditors veto the deal, valued at $575 million overall; at issue is the treatment of $525 million in loans on which Hicks’s ownership group defaulted last year. Meanwhile, on the field, the Rangers beat Pittsburgh, 6 – 3, thanks to Josh Hamilton’s 17th homer of the year, extending his hitting streak to 17 games.

on June 22, 2010 The sale of the Texas Rangers by Tom Hicks to a group headed by Chuck Greenberg is not proceeding smoothly. Although announced in January, it is now before a Federal Bankruptcy Court. Judge Michael Lynn issues a ruling today that creditors are adversely affected by a plan to pay them $75 million and are entitled to vote on it. The sale could fall through if the creditors veto the deal, valued at $575 million overall; at issue is the treatment of $525 million in loans on which Hicks’s ownership group defaulted last year. Meanwhile, on the field, the Rangers beat Pittsburgh, 6 – 3, thanks to Josh Hamilton’s 17th homer of the year, extending his hitting streak to 17 games.

 

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