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.
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Added: January 23, 2009
