XFL Cleared to Send Chapter 11 Plan Out for Creditors’ Vote

XFL’s former owner got court approval to solicit creditors’ votes on its liquidation plan, one of the last steps to dissolving what remains of the professional football league’s bankruptcy estate.

The amended Chapter 11 plan would appoint an administrator to liquidate and distribute the remaining assets of Alpha Entertainment LLC.

It would pay secured and priority claims in full. Unsecured creditors would recover 8% to 12% of their claims, estimated to be between $38 million and $57 million.

Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware, who Wednesday approved Alpha to solicit votes, also ...