2. Is there risk of the Rangers going out of business or the franchise being terminated?
Not at all. This process will have no impact on Rangers baseball or business operations. It is simply a legal mechanism that helps to complete the sale, and the team expects to exit from Chapter 11 in just a few months.
3. What is a pre‐packaged Chapter 11 filing?
In a "prepackaged" Chapter 11 filing, a company (in this case, a baseball club) obtains any necessary approvals prior to filing. Because so much of the work has been done in advance of the filing, the court‐supervised portion of the process can be completed in a much shorter period of time than other Chapter 11 reorganizations, and with less disruption to the operations of the business.
4. Will the sale and filing cause any change in Texas Rangers Baseball Club operations?
No. Maintaining a world-class Ballpark experience is our top priority. We will play our full schedule of games and continue to honor and sell tickets, and our fan programs remain in place. We expect to continue paying our vendors for goods and services we receive during this time, and to pay our players and our valuable employees.
5. Will all individual, group, season and other tickets still be honored?
Yes, in accordance with our usual policies.
6. Will the Rangers be able to do all the things necessary to perform well on the field?
Yes. The Rangers will be able to operate within their existing budget to sign and acquire amateur, international and professional players. The team will complete this process before the next free-agent signing season, and it will be ready for that, as well. The Rangers are committed to winning their division, the pennant and World Series, and are committed to long‐term success.
7. What happens next in the court process? How long is this process expected to last? When will the sale be completed?
The Court has scheduled a hearing for July 9 to consider confirmation of the proposed sale and plan of reorganization. Once the court's confirmation is received, the sale will be able to be officially completed and the Rangers will exit Chapter 11 and emerge under new ownership, which we expect will occur in midsummer. Prior to that, there will be other hearings related to the steps necessary to complete the sale.