The Texas Rangers’ reorganization plan was challenged in bankruptcy court earlier this week. According to court reports, a bankruptcy judge said that while the lenders cannot veto a sale they do have a say in the sale process.

As a result of the ruling, the current owner and secured creditors will need to renegotiate the bankruptcy plan. The result of the ruling could also reopen the bidding process for the team.

If your company has questions about filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway at 205-324-4000.

Midway Games continued its liquidating Chapter 11 plan this past week. According to court reports, the company’s creditors’ committee agreed to settle claims against the company’s owner Summer Redstone.

The settlement will likely allow unsecured creditors to recover 25 percent of their loans. It will be reviewed for approval June 23. Midway Games developed a number of video games, including “Mortal Kombat.”

If your company is considering a Chapter 11 bankruptcy filing, contact the Birmingham Chapter 11 attorney Paula Greenway at 205-324-4000.