Richard Durrett says that Chuck Greenberg’s group appears satisfied with Judge Lynn’s ruling Tuesday:
- They said the decision does not require the first lien lenders be granted any veto power over the proposed sale. Part of the statement:
Judge Lynn ruled that the Bankruptcy Code does not require that the plan confer such rights and determined the plan may go forward with certain modifications, described in the Opinion, to protect the legal rights of the Lenders. Such modifications can be made by Texas Rangers Baseball Partners (the “Debtor”) without the consent of the Lenders. If those modifications are made, the Lenders will be deemed to have accepted the plan and will not be entitled to vote against it and will not have the ability to block the sale.
Durrett also discusses the Greenberg group’s take on the timeline and court appointed restructuring officer.