WILMINGTON, Del. — The judge presiding over Tribune Co.’s Chapter 11 bankruptcy case is set to hear from attorneys regarding the company’s sale of the Chicago Cubs baseball team.
WILMINGTON, Del. — The judge presiding over Tribune Co.’s Chapter 11 bankruptcy case is set to hear from attorneys regarding the company’s sale of the Chicago Cubs baseball team. Judge Kevin Carey scheduled a hearing Monday on a motion by Tribune attorneys outlining a two-step process the company hopes will culminate in the sale of the Cubs to the family of billionaire Joe Ricketts, founder of TD Ameritrade. The Ricketts family has agreed to buy a 95 percent stake in the team and its Wrigley Field home for $845 million, but the deal must be approved by the bankruptcy court, as well as Major League Baseball. Tribune attorneys have indicated that a separate bankruptcy petition will have to be filed in order to complete the deal. ______ In photo: In this July 6, 2009 file photo, Chicago Cubs fans celebrate as the Cubs defeated the Braves 4-2 in a baseball game at Wrigley Field in Chicago. (AP Photo/David Banks) Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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