Tom Hicks is Struggling

Friday, April 3, 2009, 2:44pm CDT
Hicks Sports Group misses interest payment
Dallas Business Journal
Hicks Sports Group, owner of the Texas Rangers and Dallas Stars, is not making payments on the interest of $500 million in bank loans, according to FINatlernatives.

Missing the payment, which was due March 31, puts the company at risk of being placed in default next week, according to FINalternatives, a Web site dedicated to hedge fund and private equity news. Hicks Sports Group is owned by Tom Hicks.

Representatives from Hicks Holdings LLC, the parent company, did not immediately return calls seeking comment Friday.

HSG is reportedly trying to negotiate with lenders. According to FINalternatives, Hicks defaulted on a $350 million bank term loan, $100 million second-lien loan and a $75 million revolving credit facility.

Hicks recently announced that he wants to sell up to 49 percent of both the Rangers and Stars. Such a sale could add between $400 million and $500 million in cash to the HSG reserves.

Link to Article

Wow... this comes on the heels of lots of speculation about what the Stars will do when it comes to offseason trades and signings and draftings... Struggling...

-DickieDunn