MBL.com: LOS ANGELES — A bankruptcy judge on Tuesday granted interim approval of $150 million of hedge fund financing arranged by Dodgers owner Frank McCourt so the team can cover this week’s player payroll and all financial obligations through the year.
A hearing is scheduled for July 20 to determine whether Major League Baseball’s alternative loan offer should be approved instead.
Earlier in the day, MLB filed an objection with the Delaware court handling the Chapter 11 bankruptcy, which was filed on Monday, stating that MLB opposed the $150 million of debtor-in-possession financing that the financially imperiled club seeks to get through this period. Instead, attorneys for MLB told a bankruptcy judge hearing the case in Delaware that MLB is willing to provide through its own banks the financing for McCourt at much better terms than McCourt is seeking from a J.P. Morgan hedge fund.
