A federal bankruptcy judge has ruled that the Texas Rangers will have to adjust their plan in order for the sale to be completed.
"The court concludes that ... [the Rangers] must grant them their rights under their loan documents prospectively. While payment of the $75,000,000 plus interest will satisfy and discharge debtor's monetary obligations as required by [a bankruptcy code], in order for the plan to be confirmed without the acceptance of the lenders ... the treatment of the lenders must be modified," Lynn wrote.
The deal has apparently not been killed, but the Rangers must act to hold it together.
Experts said bankruptcy plans are often changed but this ruling is likely to trigger quick action by the Rangers.
"The judge has opened the door to the lenders voting and thereby killing the plan as it was filed," said Jason T. Rodriguez, a bankruptcy attorney who is not involved in the case.