The Texas Rangers may be forced into bankruptcy, according to a report by Bloomberg News.

Team owner Tom Hicks has found buyers for the franchise, however a team of creditors might force the Rangers into bankruptcy. According to Bloomberg's two unnamed sources, the creditors are seeking at least $30 million more for the team. The financial accord reached between parties has not yet been confirmed, but is reportedly between $520 million and $570 million. 

Hicks Sports Group defaulted on $525 million of debt in 2009. Hicks contended that the team intentionally missed a payment in an effort to garner better terms from its banks. A spokeswoman for Hicks, Lisa LeMaster, said the situation is between Major League Baseball, Hicks' lenders, and a group led by attorneys Nolan Ryan and Chuck Greenberg.

Falling into debt and filing for bankruptcy can be a very public, ugly affair, even for prominent institutions. If you are facing financial difficulties and need legal counsel when it comes to filing for bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800.