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Pittsburgh Riverhounds and Highmark Stadium File Chapter 11 Cases

Posted on March 28, 2014 by Bob Bernstein

Interesting possible twist to this Chapter 11 filing. Since one filing is the stadium and one filing is the team, and since the Bankruptcy Court has the power to terminate contracts that are not beneficial to the “Debtor,” it is possible that the creditors could take control and terminate the Riverhounds’ contract with the stadium. Because it was owned by the same group, it is possible that the stadium contract is below market, and that there could be financial or strategic reasons to force a termination. Though it’s too early to tell, there are a number of possible outcomes that could result. The lawyers for the companies and the creditors need to be very careful about how they deal with these issues.

– Bob Bernstein

See related article here

 

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