Two motions were approved in the initial hearing in Championship Auto Racing Team's chapter 11 bankruptcy filing at the Birch Bayh Federal Building and Courthouse source: indystar.com CART was allowed to pay ordinary business expenses to employees and was given until Jan. 30 to prepare bankruptcy schedules. A hearing was set for Dec. 30 at which time CART will ask the court to approve procedures for sale of the company. CART's board of directors has already voted to sell the company to a group of team owners.
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