Bankruptcy judge to consider Cubs sale

[August 25, 2009]  WILMINGTON, Del. (AP) -- A judge presiding over Tribune Co.'s bankruptcy case has agreed to expedited procedures regarding the company's sale of the Chicago Cubs baseball team.

Judge Kevin Carey on Monday scheduled an Aug. 31 hearing and shortened notification procedures for motions related to the deal.

In court papers Monday, Tribune attorneys outlined a two-step process that will culminate in the sale of the Cubs to the family of billionaire Joe Ricketts, founder of TD Ameritrade.

The family agreed last week to buy a 95 percent stake of the team and its Wrigley Field home from Tribune for $845 million.

Tribune attorneys indicated that a second bankruptcy petition will have to be filed in order to complete the deal.

 [Associated Press]

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