Stars May File for Bankruptcy Thursday

By Frank Heinz
|  Wednesday, Sep 14, 2011  |  Updated 4:03 PM CDT
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Stars May File for Bankruptcy Thursday

Getty Images

Center Mike Ribeiro #63 of the Dallas Stars.

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The Dallas Stars may file for bankruptcy Thursday, according to a report in the Dallas Business Journal.

According to Business Week, lenders approved the bankruptcy plan as well as the plan to sell the club at an auction.

The move is necessary due to the Stars and Texas Rangers defaulting on $525 million in loans when they missed making interest payments.  The Rangers filed for bankruptcy last summer before being bought at auction by the Greenberg-Ryan group.

The bankruptcy plan would put Vancouver businessman and lead bidder Tom Gaglardi's $230 million purchase agreement of the NHL franchise into play, Reuters reports.

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