Los Angeles Dodgers Receive Court Authorization To Draw $60 Million of $150 Million In Debtor-in-Possession Financing Facility
Court also approves additional first day motions including payments of all staff salaries and benefits
WILMINGTON, Del., June 28, 2011 /PRNewswire/ -- The U.S. Bankruptcy Court for Delaware has granted its authorization for the Los Angeles Dodgers to draw $60 million of a $150 million debtor-in-possession (DIP) financing facility. The Dodgers will use the funds, among other things, to operate its day to day business and pay vendors and other suppliers for post-petition goods and services.
The Court has approved additional first day motions so that the team's ongoing operations, on and off the field, will not be disrupted. In this regard, the Dodgers received permission from the Court to, among other things:
- Pay its employees wages and benefits in the ordinary course of business
- Comply with all of the team's current obligations under its collective bargaining agreements with its players and announcers, including revenue sharing payments to other baseball clubs.
The Los Angeles Dodgers filed a petition for Chapter 11 protection on June 27, 2011 in the U.S. Bankruptcy Court. The case number is 11-12010.
Media Contact:
Los Angeles Dodgers
Public Relations
(323) 224-1301
Kekst and Company
Robert Siegfried
(212) 521-4800
[email protected]
Sugerman Communications Group
Steve Sugerman
(310) 974-6680
[email protected]
SOURCE Los Angeles Dodgers
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