TEXAS RANGERS BASEBALL PARTNERS INFORMATION
On May 24, 2010, Texas Rangers Baseball Partners (“TRBP”), the current owner of the Texas Rangers Baseball Club, initiated a voluntary “prepackaged” Chapter 11 proceeding that has the support of Major League Baseball. The purpose of the filing is to transfer ownership of the Rangers to Rangers Baseball Express, a local investor group led by Chuck Greenberg and team president Nolan Ryan.
This plan was previously negotiated and agreed to by the current Rangers owner and the new ownership group. TRBP expects to move through the legal process expeditiously and has requested that a hearing be held in 45 days to confirm the proposed sale and plan of reorganization, allowing TRBP to exit Chapter 11 and complete the sale of the franchise by mid-summer.
The filing took place in the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth. TRBP filed customary “First Day Motions” with the Court, which are intended to ensure that the process is seamless and has no adverse impact on the Club’s operations, employees and suppliers.
Vendors and suppliers will be paid in full under normal terms for all goods and services provided after the filing date. Under the terms of the proposed plan of reorganization, which is subject to court approval, all claims of suppliers and vendors for goods and services provided prior to the filing date are to be paid in full – or "unimpaired" – at the conclusion of the case.
Major League Baseball has agreed to provide the Rangers with a new credit facility to ensure that the Club continues to meet all of its obligations while the sale is being completed.
Information about the "Notice of Commencement"
As you may know, Texas Rangers Baseball Partners have taken an important step to facilitate the completion of the previously announced sale of the Texas Rangers Baseball Club to Rangers Baseball Express, the local investor group led by team president Nolan Ryan and Chuck Greenberg. With the support of Major League Baseball, on May 24, 2010, we chose to implement the sale through a voluntary, ‘prepackaged,’ court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. We think this sale is in the best interests of the Rangers franchise and fans. We intend to use this legal process to complete the sale, which requires the approval of the Bankruptcy Court, and smoothly transition to new ownership. We expect this will occur by mid-summer when we plan to exit from Chapter 11.
In the meantime, you can expect us to maintain normal business operations, with no impact on Rangers baseball or the day-to-day management of the team.
As part of this process, we have mailed a legal document known as a Notice of Commencement, as well as a notice relating to upcoming hearings. It is customary to distribute these documents, which include basic information about the Chapter 11 process and upcoming key dates and deadlines, to a wide range of parties. If you have further questions about these notices, you may call (888) 369-8930.
To view the notices, please click here
Additional information regarding the sale of the Texas Rangers can be found on the Club's web site
Press Release on Sale Announcement, please click here
Texas Rangers Baseball Partners' proposed Plan of Reorganization and Disclosure Statement, please click here
Letter to Suppliers, please click here
Frequently Asked Questions for Suppliers, please click here
First Day Motions and Orders, please click here
Questions related to the administration of these Chapter 11 proceedings and any document requests may be directed to:
TEXAS RANGERS BASEBALL PARTNERS
c/o AlixPartners, LLP
2101 Cedar Springs Road
Dallas, Texas 75201