Creditors in Dodgers bankruptcy: Where’s the sale agreement?


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It has been two weeks since Frank McCourt and Major League Baseball reached an agreement that calls for McCourt to sell the Dodgers. However, with the settlement agreement yet to be filed in court and McCourt and Fox fighting over the potential sale of the team’s television rights, the creditors’ committee in the Dodgers’ bankruptcy case spoke up Tuesday.

The U.S. Bankruptcy Court must approve a plan to get the Dodgers out of bankruptcy, with the creditors having an influential voice in the approval process. In a court filing Tuesday, attorneys for the creditors’ committee noted the Dodgers open next season on April 5.


‘The committee certainly hopes by that date, less than five months from today, the Dodgers will have confirmed a plan of reorganization and be out of bankruptcy,’ the filing read.

The plan, essentially, is for McCourt to sell the Dodgers. However, the creditors have not seen the settlement agreement and do not wish to proceed on the assumption that it will succeed. Accordingly, they asked the court Tuesday to order the Dodgers to present a plan by Jan. 30, although the issue could become moot before then.

‘If the settlement does not provide a mechanism for exiting bankruptcy prior to Opening Day as hoped, the ability to promptly pursue feasible alternative restructuring options must be maintained,’ the creditors’ attorneys wrote in the filing. In a filing Saturday, the Dodgers said they would file ‘certain terms’ of the settlement agreement in court ‘in the near future.’


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-- Bill Shaikin