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Dallas Stars file for Chapter 11 protection

Sep 15, 2011, 4:46 p.m.
Dallas Stars center Steve Ott (29) celebrates a goal by left wing Brenden Morrow (10) against the Anaheim Ducks in the second period of their NHL hockey game in Anaheim, California April 3, 2011. REUTERS/Alex Gallardo

(Reuters) - The Dallas Stars hockey team filed for Chapter 11 bankruptcy in the District Court of Delaware on Thursday to facilitate a sale of the team to Vancouver businessman Tom Gaglardi through a stalking horse auction.

The company listed both its liabilities and assets in the $100 million to $500 million range.

The Stars, owned by Texas billionaire Tom Hicks-led Hicks Sports Group, listed CFV I LLC as its biggest creditor.

The team, estimated to be valued at $230 million, has been on the block for more than two years. Other interested buyers for the team are considered unlikely, and the team could be out of bankruptcy in less than 60 days, sources close to the matter had said.

The auction is part of a prepackaged plan and is subject to bankruptcy court and National Hockey League's approvals.

The case is in re: Dallas Stars, L.P., U.S. Bankruptcy Court, District of Delaware, No. 11-12935.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Bob Burgdorfer)

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