Cubs file for bankruptcy protection to speed up saleNEW YORK (AP) -- The Chicago Cubs filed for Chapter 11 bankruptcy protection Monday, a step that will allow their owner to sell the baseball team in an $845 million deal.
The filing in Wilmington, Del., was anticipated and is expected to lead to a brief stay in Chapter 11 for the Cubs. A hearing was scheduled for Tuesday in front of the judge who has been handling the bankruptcy of the Cubs' owner, Tribune Co.
The Cubs' filing is part of the Tribune Co.'s plans to sell the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts, the founder of Omaha, Neb.-based TD Ameritrade.
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