The Bankruptcy judge presiding over the LA Dodger’s bankruptcy has put a limit on the documents that the MLB can request from the lender potential lender, stating some information isn’t relevant.
The Dodger’s owner Frank McCourt has secured a loan to keep the team a float while in bankruptcy, which could take months to emerge from. The loan is coming from JP Morgan Chase’s Highbridge Capital Management.
The MLB requested an internal analysis of the projected $150 million loan. US Bankruptcy judge Kevin Gross said that the MLB only needs information that is directly related to loan.
Gross’s ruling is part of a dispute between the MLB and Frank McCourt over who will provide funding for the team while they reorganize through bankruptcy. A hearing will take place on July 20th to give both parties the chance to share documents pertaining to the bankruptcy.
With the help of a bankruptcy attorney, businesses or individuals who are deep in debt can enter bankruptcy to reduce the amount they owe.
Gross already gave the Dodger’s approval to receive a $60 million loan from Highbridge.
There are different ways to structure debt and repay debts. When considering bankruptcy, the business owner or individual should consult a bankruptcy lawyer to determine which structure will work best for them.
Bankruptcy can be the only option available to some who are overwhelmed with debts they are unable to repay. Employing a bankruptcy attorney can help people get back on their feet financially, and give them a fresh start.
