Kukla's Korner Hockey
by Paul on 09/19/11 at 01:49 PM ET
from David Shoalts of the Globe and Mail,
Lawyers for Vancouver businessman Tom Gaglardi will be in the U.S. Bankruptcy court in Delaware on Monday to make the next step in the sale of the Dallas Stars.
A judge will hear motions to let the NHL team continue operations and to hold a hearing to establish the bidding procedure and deadlines for the rest of the steps in the sale. Gaglardi filed a bankruptcy plan last week with the court in which he offered to pay about $265-million (all currency U.S.) in total, including a pledge to pay most of the team’s creditors.
However, that pledge does not mean the consortium of banks that holds most of the debt will get paid in full. Outgoing Stars owner Tom Hicks set off the bankruptcy and sale in 2009 when he defaulted on $525-million in loans. Someone close to the sale said the banks are going to take a haircut but are reluctantly going along with Gaglardi’s offer because it is the best one available.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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