Sabres bankruptcy
The Buffalo Sabres bankruptcy protection Monday, is the second NHL team in a week to seek the release of creditors.
Commissioner Gary Bettman said in the filing Chapter 11 U.S. Bankruptcy Court, Buffalo is a step towards the solution of financial problems, the Sabres under the league control in June. The team is for sale. (Articles: Senators bankruptcy)
“It is so Sabres on financing, allowing them to continue under normal conditions, subject to monitoring by the league, while the sale is completed,” said Bettman, started Sabres employees and the media.
Bettman acknowledged that during the bankruptcy, clean the Sabres their debts, and therefore a new owner to renegotiate all concessions and working arrangements arena, it also opens the possibility, the team is sold to an outside vendor, it may move to another place.
The Ottawa Senators Thursday protection in bankruptcy with a debt load of more than $ 160 million.
The documents of the Court of Justice Sabres thanks to its 40 largest creditors more than $ 206 million. The creditors include the city of Buffalo, lists a right to $ 750000 and day Erbbauzinsen Sabres players Curtis Brown ($ 133000), Jay McKee ($ 133,000) and Brian Campbell ($ 25000) latent signing bonuses due. The NHL-Pension Society lists a $ 29,937 claim.
Other creditors are the Vancouver Canucks, list, a right to an indefinite $ 442000, and former Sabres player Brad May (now Phoenix Coyotes), $ 104000 due to Deferred Compensation.
Bettman said the Sabres File, which is known as debtor in possession of the regime, it was for the team to make payroll for players and front-office employees and suppliers to pay.
The NHL has an offer from Buffalo businessman Mark Hamister, but funding has been holding negotiations with the State on Hamister’s $ 33 million request for public support.
Hamister and his majority partner Todd Berman, received a second week extension of the NHL on Friday for their funding.
“Insofar as we are concerned, we are processing (Hamister group) as if it exclusive rights,” said Bettman. “In some formulation, it is possible that Bankruptcy Court in a proceeding if someone could try to come and bid for the franchise.
He said the league was obliged to keep all of the team in Buffalo. “It was simply another step in the process to make sure that the Sabres continue to operate here,” he said.
Hamister said declaration of bankruptcy “reasonably good news.”
“It helps to stabilize this franchise between now and the deadline … and of course, it cleans heritage is one of the things we have for our special purchase, “he said.
The NHL took over the Sabres after the financial shipwreck of owner John Rigas and his Adelphia Communications Corp., now in bankruptcy.
Adelphia, the team is the biggest lender, the collection of a right of $ 130 million, in the courts whereby papers. The money was to help Riga, purchase and operate the franchise.
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