Colts File Chapter 11 Bankruptcy, Will Contiue to Play 07-02-14

San Angelo Colts Baseball Club LLC has filed for Chapter 11 Bankruptcy, but will continue to play the 2014 season. Majority owner John Bryant confirmed with KSAN Sports that the club filed for reorganization purposes.

The Colts received notice of foreclosure from their lender on the stadium note that was originated 15 years ago for 3 million dollars. Only $384,000 remains to be paid on that note, and by filing for Chapter 11 Bankruptcy the club can present a proposal to the court showing a plan of payment. John Bryant said he expects the situation to be resolved within the next 60 days.

The Texas Rangers filed for Chapter 11 Bankruptcy in May of 2011 and never missed a beat on the field, and Bryant says the Colts will also continue to play and come out stronger on the other end.

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