 NEW YORK (AP) - Although the Chicago Cubs aren't part of Tribune Co.'s Chapter 11 bankruptcy filing, experts say a federal court overseeing the case is likely to review the baseball team's impending sale anyhow. It's not yet clear whether such a review would be a mere formality, or whether it could derail or delay a sale. Bankruptcy lawyers said Friday it ultimately could rest on whether creditors and the court believe Tribune could have gotten more than $900 million — what the billionaire Ricketts family has agreed to pay for the Cubs and related properties.Only one thing seems certain: The sale alone won't immediately lift Tribune out of bankruptcy protection, even though $900 million would be plenty for a $593 million principal payment Tribune has due this coming June. Must-read:- Galinsky: NBA Power Rankings
Must-see:- Glazer: Media Day madness
- Davis: NFL Draft projections 1-5
View more videos >>
Author's Website:http://www.foxsports.com
Added: January 23, 2009 |
