Thanks to MLBTR:
"The Tribune Co. may take the Cubs to bankruptcy to complete the sale of their team to the Ricketts family, but the club will still be responsible for its players' contracts, according to David Roeder and Fran Spielman of the Chicago Sun-Times. Major league baseball guarantees payment on player deals, so the Cubs won't be able to avoid contracts like Alfonso Soriano's and Milton Bradley's."
"A bankruptcy filing would bring the sale of the team closer to completion, but a bankruptcy judge and 75% of major league owners would still have to approve the transaction."
According to a Cub source, the Cubs are leading the pursuit of ex Blue Jay relief pitcher BJ Ryan.
A report from the Tribune said the Cubs are still looking for a backup catcher and may be looking at Greg Zaun of the Orioles. Zaun is batting .240 this year and is batting about 30 more points than Hill in the backup role. He would only cost a mid-level prospect. If Zaun does good you may see Hill go back to Triple A Iowa and with Zaun staying with the Cubs. Soto is rehabbing in Arizona and is still about a month away from coming off the DL.
I will keep you posted.