The Dodgers Friday filed their official bankruptcy reorganization plan with the U.S. Bankruptcy Court for the District of Delaware, looking to have an exit approved April 13 that would take effect no later than April 30. The foundation of the plan is the forthcoming sale of the franchise, future media rights and Dodger Stadium, a move the club says will repay all of its creditors in full. The April 30 exit date also is designed to coincide with the anticipated closing for the sale of the team. Dodgers Owner Frank McCourt must also pay ex-wife Jamie $131M by that date as part of their divorce settlement.
The reorganization filing shows $573M in current club debt, split between three different team entities. With various disputes with MLB, FSN and vendor Facility Merchandising Inc. all resolved, the club makes an extensive case the planned sale is the proper means to reorganize. "The (Dodgers) believe that no alternative to the plan afford the holders of impaired claims and interest the potential for a greater realization" of debts, the filing reads in part.
However, the club continues to challenge the legal claims of Bryan Stow, the MLB Giants fan severely beaten in the Dodger Stadium parking lot last Opening Day. The filing said the club "disputes liability for Mr. Stow's injuries and intends to challenge Mr. Stow's Proof of Claim. To the extent (the Dodgers) or another debtor may be found liable to Mr. Stow, the (Dodgers) believe that this claim may be covered by insurance."
