Major League Baseball’s Houston Astros lost a bid to halt the restructuring of the network that televises its games during an appeal of a judge’s ruling that Comcast Corp. was allowed to force the broadcasting joint venture into bankruptcy.
The Texas Rangers’ lenders said Houston businessman Jim Crane made the highest bid for the team, not a group led by Nolan Ryan and Chuck Greenberg, which has a deal to buy the team and take it out of bankruptcy.
The owner of Major League Baseball’s Houston Astros sued former owner Drayton McLane Jr. and Comcast Corp., claiming he was misled about the value of the regional sports network that televises the team’s games.
The bankruptcy judge for the Texas Rangers professional baseball club had barely given formal approval yesterday for auction procedures before secured lenders filed a motion asking for reconsideration.
Auto-parts maker Visteon Corp. filed a revised Chapter 11 plan, hoping to mollify existing shareholders by offering them 1.94 percent of the stock if they vote in favor of the reorganization. The new plan came in just before the hearing that began yesterday morning for approval of a disclosure statement explaining the plan.