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Article: Cubs file for bankruptcy to speed team's sale
- Article from:
- Telegraph - Herald (Dubuque)
- Article date:
- October 13, 2009
CopyrightCopyright 2009 Telegraph - Herald (Dubuque). Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - 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 today in front of the judge who has been handling the
bankruptcy of the Cubs' owner, Tribune Co.
The Cubs' filing is part of the Tribune Co.'s 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, which also owns the Chicago Tribune and the Los Angeles
Times, filed for bankruptcy ...