As the Los Angeles Dodgers continue to wade through their current bankruptcy proceedings, the Los Angeles Times is reporting that the team filed their reorganization plan in U.S. Bankruptcy court on Friday, noting their $573 million in debt and how they plan to get rid of it.
All creditors will be paid in full according to the team, mostly paid with money from the ongoing sale of the team.
The proposed strategy is set for court approval on April 13, with the plan to have new ownership in place by then. The Dodgers hope to be out of bankruptcy by April 30, the same day Frank McCourt must close the sale of the team, as well as pay his ex-wife $131 million per terms in his divorce.
One question mark that remains is the Dodgers’ current legal issues with the family of Bryan Stow, the San Francisco Giants fan severely beaten at Dodger Stadium last March.
"LAD disputes liability for Mr. Stow’s injuries and intends to challenge Mr. Stow’s proof of claim," the Dodgers’ filing read, with "LAD" used as an abbreviation for the Dodgers. "To the extent that LAD … may be found liable to Mr. Stow, the debtors believe that this claim may be covered by insurance."
The Dodgers still a lot to hash out before April, that’s for sure; and I’m not talking about baseball.
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