The Texas Rangers filed for Chapter 11 bankruptcy Monday. The bankruptcy filing is meant to facilitate the sale of the team to a group led by Chuck Greenberg and Nolan Ryan. It was made in the U.S. Bankruptcy Court in Fort Worth, Texas.

The filing will allow the creditors of the current owner to be repaid in full for any outstanding debts. The filing will also facilitate the sale of the Rangers' Ballpark in Arlington.

If your company is considering a Chapter 11 bankruptcy, contact the Austin Chapter 11 bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100.