Los Angeles Dodgers Expect to Emerge From Chapter 11 Bankruptcy Reorganization on April 30
LOS ANGELES, April 6, 2012 /PRNewswire/ -- The Los Angeles Dodgers today announced that the Dodgers and its related debtors expect to emerge from their chapter 11 bankruptcy reorganization cases on April 30, 2012, following the confirmation hearing with respect to the debtors' amended Plan of Reorganization, which is scheduled for April 13th in the United States Bankruptcy Court, District of Delaware.
The Dodgers reported that it and the related debtors are filing today with the court, among other documents, an Amended Plan of Reorganization, a Plan Supplement to the Amended Plan of Reorganization, a Proposed Confirmation Order, and a Memorandum in Support of Confirmation of the Amended Plan.
The Dodgers stated, "The amended Plan of Reorganization, among other things, provides for the payment of all allowed claims of creditors in full, includes a substantial distribution for debtors' equity interest holder, and provides a solid foundation for the long term success of Los Angeles Dodgers and its affiliates."
The Dodgers emphasized, "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. This agreement is the culmination of an auction process that was conducted over several months and reflects the highest and best bid generated by that process. The successful auction process attracted numerous prospective purchasers and numerous proposals, all of which confirmed the substantial value of the Dodgers, the media rights associated with the team, and Dodger Stadium."
Robert Siegfried / Lyndsey Estin / Stef Goodsell
Kekst and Company
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