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The Los Angeles Dodgers received court approval Tuesday to tap part of a $150 million bankruptcy loan from a J.P. Morgan Chase & Co.-owned hedge-fund manager that will fund the team’s operations while owner Frank McCourt scrambles to keep control of the team. Read the Daily Bankruptcy Review story here.

The troubled Los Angeles Dodgers baseball club filed for bankruptcy in Delaware. Our colleagues at Deal Journal have the Chapter 11 pettion.

Ambac Financial Group Inc. said it doesn’t owe hundreds of millions of dollars in back taxes that the Internal Revenue Service is going after, a claim that contributed to Ambac’s filing for Chapter 11 bankruptcy protection last fall. Read the Daily Bankruptcy Review story here.

Eight months after emerging from Chapter 11 protection, Extended Stay Inc.’s prior owners and lenders—including Blackstone Group LP, are being sued over the $8 billion leveraged buyout that preceded the hotel chain’s bankruptcy. Read the Daily Bankruptcy Review story here.