LOS ANGELES, April 13, 2012 /PRNewswire/ -- The Los Angeles Dodgers today announced that the United States Bankruptcy Court, District of Delaware confirmed the debtors' Plan of Reorganization, thus authorizing the debtors to emerge from the Chapter 11 reorganization cases as viable, financially healthy entities. The Plan will result in payment in full of all creditors and achieves the debtors' objective of maximizing the value of the debtors' estates. A key component of the plan is the sale of the Los Angeles Dodgers, Dodger Stadium, and the land beneath the stadium to Guggenheim Baseball Partners LLC, which was announced on March 27, 2012. The Plan of Reorganization is expected to become effective and the sale transaction is expected to close on April 30, 2012.
"We are pleased to have successfully concluded the Chapter 11 reorganization process. All the organization's goals in the reorganization cases have been achieved. We look forward to returning all of our attention to Dodger baseball," the Dodgers said.
Robert Siegfried / Lyndsey Estin / Stef Goodsell
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SOURCE Los Angeles Dodgers