M&A

2 November, 2009

Bankruptcy judge approves sale of Coyotes to NHL

CHICAGO, Nov 2 (Reuters) - A federal bankruptcy judge on Monday approved the sale of the Phoenix Coyotes to the National Hockey League.

Judge Redfield Baum approved the NHL's $140 million purchase in a hearing at the U.S. bankruptcy Court in Phoenix, Arizona, said Thomas Salerno of Squire Sanders & Dempsey, the attorney for the debtors, Coyotes Hockey LLC, which filed for bankruptcy in May.

NHL officials could not be reached to comment, but have said before the league intends to sell the team.

The Coyotes and the team's operations are out of bankruptcy, while the Chapter 11 case will continue to distribute funds to the creditors, Salerno said. (Reporting by Ben Klayman)

Source: http://www.reuters.com