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Article: Cubs file for Chapter 11 to speed teamAEs sale.(Business)

Article from:
Daily Herald (Arlington Heights, IL)
Article date:
October 13, 2009
Copyright

Byline: Associated Press

NEW YORK u The Chicago Cubs filed for Chapter 11 bankruptcy protection Monday, a step that will allow their owner to sell the baseball 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 was scheduled for Tuesday in front of the judge who has been handling the bankruptcy of the CubsAE owner, Tribune Co.

The CubsAE filing is part of the Tribune Co.AEs 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, ...

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