AT&T and DirecTV Sports Networks apparently will become the sole owners of the network now known as Comcast SportsNet Houston under a plan of reorganization filed late Wednesday night with federal bankruptcy court.

The plan was filed about 12 hours before a 10 a.m. status conference today before U.S. Bankruptcy Judge Marvin Isgur regarding the 11-month-old Chapter 11 bankruptcy case involving the Astros-Rockets-Comcast partnership.

According to an investment agreement involving AT&T, DirecTV Sports Networks, the Astros and Rockets and signed by Astros owner Jim Crane and Rockets CEO Tad Brown, the Houston Regional Sports Network partnership will be reorganized as a limited liability company with 1,000 common shares – 40 percent to AT&T, 60 percent to DirecTV Sports Networks.

Those shares will represent “the totally outstanding equity interest of HRSN,” the agreement said. Accordingly, interests of HRSN owned by the teams and Comcast “shall be irrevocably canceled and terminated.”

In a statement Thursday morning, the companies said, “The Houston Regional Sports Network, along with the Houston Astros and Houston Rockets, filed with the U.S. Bankruptcy Court in Houston a proposal to transfer ownership to a joint venture between DIRECTV and AT&T. Once the proposal is voted on by the creditors and approved by the court, DIRECTV and AT&T look forward to providing this great sports programming to Astros and Rockets fans throughout the region.” The involvement of DirecTV and AT&T as owners would indicate that DirecTV and AT&T U-verse would sign on to carry the Rockets-Astros network, helping ease the carriage crunch that has limited viewership of CSN Houston to no more than 40 percent of Houston area TV households.

Comcast, however, presumably will continue to carry the network as part of its existing carriage agreement, although that element was not made clear in the documents filed Wednesday night.

The reorganization plan and investment agreement submitted to the court do not include specific dollar amounts stating the value of the reorganized network. It also states that the reorganized company will enter into new media rights agreements with the Astros and Rockets, but no terms of those agreements are stated.

Attorneys with Haynes and Boone, the Houston law firm appointed by the court to represent the bankrupt network partnership, presumably will outline more details today about the network’s future at today’s status conference.

However, the presence of DirecTV Sports Networks as a partner in the reorganized company would lead to the conclusion that CSN Houston will become the newest Root Sports network, joining regional sports networks in Denver, Pittsburgh and Seattle owned or operated by DirecTV.

While the plan has the backing of the Astros and Rockets, it does not necessarily represent the final word in what will become of CSN Houston. Competing plans, including, presumably, a counter-proposal by Comcast, could be filed within a month’s time, according to attorneys familiar with the case. Other attorneys familiar with the case estimate that winding down the bankruptcy case could take up to 70 days, although the court could reduce that time frame.

Many of the deal points remain unclear, including how much AT&T and DirecTV Sports Networks will invest in the reorganized network, and how much in unpaid rights fees the Rockets and Astros recover. However, a few points were addressed in a 62-page disclosure statement filed with the court.

The new network will provide a considerable viewership boost, since DirecTV has 21 percent of TV households in the Houston area and U-verse has 22.7 percent.

The Comcast affiliation agreement will be assumed, so the new network, presumably to be called Root Sports Houston or whatever, will be seen on Comcast Houston.

More legal action could result from the reorganization and Comcast’s ownership departure. “The plan contemplates the creation of a litigation trust to investigate and potential pursue claims (the teams) could prosecute against Comcast,” attorneys said in the disclosure statement.

The teams apparently also are going to fight Comcast over repayment of the $100 million secured loan from Comcast for startup costs.

As of this filing, unsecured claims against the HRSN partnership total $106.5 million.

See the actual documents below:

Disclosure Statement

Chapter 11 Plan

Investment Agreement