WSJcomBankruptcyBeat

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 Los Angeles Dodgers turned to a hedge-fund manager owned by J.P. Morgan Chase & Co. to finance its operations––including meeting player payroll this week––while embattled owner Frank McCourt maneuvers to retain control of the baseball team through a bankruptcy proceeding. 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.

Federal prosecutors say Lee Farkas should spend the rest of his life behind bars because the former chairman of mortgage lender Taylor, Bean & Whitaker Mortgage Corp. continues to deny responsibility for the devastation he wrought as the mastermind of a multibillion-dollar “fraud of staggering proportions.” Read the Daily Bankruptcy Review story here.

Creditors have pulled the plug on Norway electric-car maker Think Global AS.

Think, which was once property of Ford Motor Co., filed for a form of bankruptcy in its home country and will have a court-appointed trustee take over management of the company, a Think spokeswoman confirmed.

“Think filed for bankruptcy after failing to attract adequate capital to continue funding operations,” U.S.-based spokeswoman Debra Salem said in a statement Thursday.