I wanted to take this opportunity to update all of you on the status of the Dallas Stars sale process.
I am pleased to report that today, as the next step in the orderly sale process, a federal court judge approved a series of orders that confirms that the Dallas Stars Hockey Club will continue to operate in the ordinary course, consistent with past practice, including timely paying our employees, trade creditors, honoring ticket sales, etc. Thus, we fully expect our fans, customers, vendors and employees will not notice a difference in how we operate. All money on account from Season Seat Holders is safe and there is no danger of them losing their investment.
This final phase of the sales process began late last week when the Stars filed a voluntary, “prepackaged,” bankruptcy plan under Chapter 11 of the U.S. Bankruptcy Code. While the notion of “bankruptcy” generally has a negative connotation connected to it, in this case it is the result of a comprehensive gameplan and is a notable benchmark in the sale process, and for us it means we should have a new owner in place within the next 60-75 days.
This has been a long process and I want to thank you for your continued dedication and passion for the Dallas Stars.
The hockey season is upon us and we are very excited that training camp has begun. GM Joe Nieuwendyk has put together a roster that will be competitive and work hard every night. We’re deeper and more versatile at both forward and defense, and the players have been raving about what they are learning about new Head Coach Glen Gulutzan’s system and philosophy. We will surprise some people this season.
We are optimistic as we enter the final stages of the sale process. The future is bright for the Dallas Stars, both on and off the ice.