Cubs plan to file for Bankruptcy

The Chicago Cubs may file for bankruptcy.  Their goal is to file so they can expedite the team’s sale.  This information was reported by Bloomberg News on Monday July 13, 2009.  In December the Tribune Company who owns the Cubs filed for chapter 11 bankruptcy.  This bankruptcy filing will be separate from the one in December. 

The purpose of the filing is a legal strategy to clear the team from a future liability in the Tribune Company bankruptcy.  The team is on sale for an estimated $900 million according to Bloomberg.

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By: Danielle Williams

Hollywood Collectibles