John Corn
01-13-03, 12:28 PM
http://www.tsn.ca/nhl/news_story.asp?ID=22576&hubName=nhl
The Buffalo Sabres will file for bankruptcy protection today, TSN has learned.
The filing accomplishes two things.
One, like the Ottawa Senators who filed for bankruptcy protection on Thursday, the Sabres need short-term operating capital to meet payroll and continue day-to-day operations. No bank will will loan the Sabres the required capital unless the club is in Chapter 11 bankruptcy because that's the only way the bank could reasonably expect to get the loan repaid.
Its not a good sign seeing two teams other then pittsburgh in financial trouble.
The Buffalo Sabres will file for bankruptcy protection today, TSN has learned.
The filing accomplishes two things.
One, like the Ottawa Senators who filed for bankruptcy protection on Thursday, the Sabres need short-term operating capital to meet payroll and continue day-to-day operations. No bank will will loan the Sabres the required capital unless the club is in Chapter 11 bankruptcy because that's the only way the bank could reasonably expect to get the loan repaid.
Its not a good sign seeing two teams other then pittsburgh in financial trouble.