The Chicago Cubs have filed forChapter 11 bankruptcy. The team is in the process of being sold to the familyof billionaire Joe Ricketts, founder of TD Ameritrade, and the bankruptcyfiling is expected to speed up the procedure.

Tribune Co., which owns the cubs,is selling the team for $845 million. Tribune Co. filed for bankruptcyprotection in December.

The Chapter 11 filing is expectedto prevent Tribune Co.’s creditors from filing claims against the new owners. Underthe proposed deal, the Ricketts family would buy a 95 percent stake in theteam. The remaining 5 percent would stay with Tribune Co.           

Tribune Co. purchased the team in1981 for $20.5 million.

If your company is consideringfilling for bankruptcy and needs assistance with any part of the process,please contact the Galveston Bankruptcy Lawyers of Gipson, Norman & Root at409-765-6000.