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Comcast Corp To Bid For Houston Sports Network If Court Forces Sale-Reuters


Monday, 30 Sep 2013 12:15pm EDT 

Reuters reported that Comcast Corp is prepared to bid if it can force a sale of the financially troubled, regional-sports network that carries the games of the Houston Astros baseball team and the Houston Rockets, the city's basketball team, court papers show. Affiliates of Comcast, which owns NBCUniversal, on September 27, 2013 filed for involuntary bankruptcy against Houston Regional Sports Network LP, and said in court papers the network should be put up for sale for the benefit of creditors. Comcast believes the network's assets have meaningful value, and would be prepared to make a bid to acquire either the network (under a plan of reorganization) or substantially all of its assets. The network has been locked in a dispute with cable and satellite television providers over how much it should receive per subscriber, which has limited the network's reach. Comcast, which loaned the network $100 million through an affiliate, also said it was prepared to provide the financing necessary to keep the network operating until the bankruptcy could be resolved. Creditors can put a company into bankruptcy involuntarily if they can prove the debtor is not paying its bills. The Company generally has about 20 days to respond to the filing. 

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17 Apr 2014