Derek Abbott Quoted in Bloomberg on Tribune Co's Proposed Sale of Chicago Cubs
Wilmington, DE – March 9, 2009 – Morris Nichols’ business reorganization and restructuring partner Derek Abbott was quoted by Bloomberg media in an article about the Tribune Company’s proposed sale of the Chicago Cubs.
Tribune, the Chicago-based owner of the Los Angeles Times and the Chicago Tribune, filed for bankruptcy on Dec. 8, 2008. It subsequently entered into discussions to sell its baseball franchise, the Chicago Cubs.
The article titled Tribune Creditors Say Judge Should Review Cubs Sale reported that the official committee of unsecured creditors sought to have the Tribune Co. bring any proposed sale of the Chicago Cubs baseball team before a bankruptcy judge for approval.
Derek observed that how Tribune structures the sale will determine whether court approval is required and that, because the Cubs are not in bankruptcy, the Tribune may not be required to seek approval of the sale at all.