Hicks told reporters the team has filed a voluntary, "prepackaged" bankruptcy procedure in an attempt to break a 15-month deadlock with creditors. He said he hopes the move will allow would-be buyers Chuck Greenberg and Nolan Ryan to implement a $575 million purchase plan, The Dallas Morning News reported.
"This was the only way we felt like we could move things forward in a timely fashion," Hicks said. "This action is about ending that impasse and getting the club to the group we reached an agreement with and the group I feel is the right group."
"This agreement assures an orderly process to expeditiously transfer Rangers ownership to the Greenberg-Ryan group, and it protects the franchise's baseball operations," MLB Commissioner Bud Selig said in a statement.
Since Hicks defaulted on $525 million in notes held by hedge fund Monarch Alternative Capital and other lenders, he has been unable to agree with them on a sale, the Morning News said.