UPDATE 1-Texas Rangers seek to hire Perella Weinberg

* Proposed hiring for financial advice, investment banking

* $1.5 million fee proposed upon team’s sale

* Court approval required

NEW YORK, June 8 (BestGrowthStock) – The owner of the Texas Rangers
pro baseball team is seeking bankruptcy court approval to hire
Perella Weinberg Partners LP as its financial adviser and
investment banker, as the team prepares itself to be sold.

In a Monday evening filing with the Fort Worth, Texas,
bankruptcy court, the Rangers cited the firm’s “extensive
experience” in providing bankruptcy advice and its prior
dealings with the team, which is controlled by buyout
specialist Thomas Hicks, as reasons for the hiring.

Perella Weinberg is an investment banking boutique founded
in 2006 by veteran merger specialist Joseph Perella.

It has been involved in many restructurings, including
those of Delta Air Lines Inc (DAL.N: ), power producer Calpine
Corp (CPN.N: ), auto parts supplier Delphi Corp and state-owned
conglomerate Dubai World [DBWLD.UL].

According to Monday’s filing, the Rangers are proposing to
pay Perella Weinberg $87,500 a month for financial advice, plus
a $1.5 million fee upon the team’s sale.

The Rangers filed for Chapter 11 protection from creditors
on May 24 after suffering cash flow shortfalls since 2005. The
filing was intended to ease a $575 million sale of the team as
soon as next month to a group led by Rangers president and Hall
of Fane pitcher Nolan Ryan, as well as the Pittsburgh lawyer
Chuck Greenberg.

Major League Baseball supports the sale, but Hicks’ secured
lenders, led by New York-based distressed debt investor Monarch
Alternative Capital LP, oppose it. The team’s largest unsecured
creditor is former Ranger Alex Rodriguez, who is now the New
York Yankees’ starting third baseman and is owed $24.9
million.

The case is In re: Texas Rangers Baseball Partners, U.S.
Bankruptcy Court, Northern District of Texas, No. 10-43400.

Growth Stocks

(Reporting by Jonathan Stempel; editing by John Wallace)

UPDATE 1-Texas Rangers seek to hire Perella Weinberg