Rangers, Creditors Say More Mediation Time Needed
The Texas Rangers and their angry creditors want more time to try to reach an agreement through mediation on the team’s bankruptcy plan that includes selling the club.
A judge Thursday filed an order delaying the July 9 hearing to July 22, saying all parties had agreed to the delay. Mediation is still set to begin Tuesday.
Creditors have opposed the team’s plan to repay them $75 million and sell the team to a group led by Pittsburgh attorney Chuck Greenberg and Nolan Ryan, the Hall of Fame pitcher and team’s current president.
Last week the judge delayed the hearing to July 22. But he then reversed his decision after the Greenberg-Ryan group said a delay could hamper the Rangers’ chances of making trades.
(Copyright 2010 by The Associated Press. All Rights Reserved.)