Dallas Stars file for bankruptcy

[marmar]

(Bloomberg) The Dallas Stars hockey team, the last professional sports club owned by former billionaire Thomas Hicks, filed for bankruptcy to effectuate a sale through a court-approved auction.

The team listed assets and debt of $100 million to $500 million in Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. The Dallas Stars said it has filed a “prepackaged” reorganization plan, the company said in a release. Stars officials are seeking to sell the team at an auction. The lead bidder at that auction will be Dallas Sports & Entertainment LP, according to court papers.

Stars officials said in a statement on its website today that they plan to sell the National Hockey League team to Vancouver-based businessman Tom Gaglardi and his family. Gaglardi is chairman and chief executive officer of Sandman Hotels, Inns & Suites. Terms of the sale, which is subject to a court-approved auction and acceptance by the league, weren’t disclosed in the statement.

The company and its units’ 30 largest creditors without collateral backing their claims are owed about $58.5 million, according to court documents. CFV I LLC, is the biggest with a claim of $51.7 million. Other creditors include the New York Rangers Hockey Club, with a claim of $2 million, and Marc Crawford, with a claim of $1.1 million for contract termination obligations, court papers show. ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-09-15/dallas-stars-hockey-team-owned-by-ex-billionaire-hicks-files-bankruptcy.html

[madinmaryland]

1. There is something about hockey in Texas that doesn't seem quite right. Kind of like

winter baseball in Alaska.

[El Supremo]

2. The CHL used to be real popular in Dallas and Ft. Worth.

Blackhawks and Red Wings.

[El Supremo]

3. Hicks will be living in the Shrub's servant quarters soon.

What about that British soccer team he owns?

[Upton]

4. Hicks no longer owns Liverpool..

in fact, the same group that owns the Red Sox now do...