Stars Agree to Sell Team
DALLAS (AP) - The Dallas Stars have signed an agreement to sell the team to Vancouver businessman Tom Gaglardi and have filed a prepackaged bankruptcy plan to help facilitate the transaction.
The Stars said Thursday that the deal is subject to a court-approved auction and NHL approval.
In their release, the Stars said the prepackaged Chapter 11 plan had support of the NHL and the team's lenders, who voted to accept it before filing in U.S. Bankruptcy Court for the District of Delaware in Wilmington.
A court hearing is scheduled for Monday, when the Stars are expected to present customary motions for court approval.
The Texas Rangers, who were also once owned by Tom Hicks, went through a similar process before that sale was completed last year.