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.<\/p>\n
A hearing is scheduled for July 20 to determine whether Major League Baseball’s alternative loan offer should be approved instead.<\/p>\n
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.<\/p>\n