Senators = Bankrupt......!!!!!

**Rusty** · 01-08-2003, 07:41 AM

Stopgap: Bankruptcy protection

One fan appears to have a future in Senators' management.
The Senators are about to file for bankruptcy protection, according to various media reports Jan. 7. Bankruptcy protection allows a company to continue operating and prevent creditors from going after the team's assets. It also gives a business time to deal with creditors and come up with a long-term business plan, and could lead to a sale of the Senators and the Corel Centre where the team plays its home games. The Senators' debt is around $160 million to creditors, with its main creditors the NHL, owed about $14.3 million, CIBC, $40 million, and U.S. bank FleetBoston Financial, $20 million. Total debt, including the arena, is in excess of $350 million.

**Dero** · 01-08-2003, 11:00 AM

Yeah ,tell me about it...

**Rusty** · 01-08-2003, 11:04 AM

Originally posted by Dero
Yeah ,tell me about it...

I was hoping you could tell us more. This is not good. I hope they come out of it alright.

**Dero** · 01-08-2003, 02:48 PM

At this point they are looking for more $$$$$ bags,it does not look good!!
I think the league is going to make sure that the team get's paid for the rest of the season,then after that,if they can't find more backers...They might be up for sale.

**Rusty** · 01-08-2003, 02:50 PM

Originally posted by Dero
At this point they are looking for more $$$$$ bags,it does not look good!!
I think the league is going to make sure that the team get's paid for the rest of the season,then after that,if they can't find more backers...They might be up for sale.

Maybe you and I should purchase them.......

**Dero** · 01-08-2003, 02:53 PM

Originally posted by IPMC
Maybe you and I should purchase them.......

What you going to break your piggy bank????
Did I say $$$$$$$$$$BAGS?

**ALBOB** · 01-09-2003, 03:12 PM

Actually I've been hearing a lot of rumors that the NHL is dying in Canada. Seems that the $$$ exchange rate is killing the Canuck teams who's players are demanding they get paid in U.S. dollars, the teams just can't afford it because of the weak Canadian dollar. Sad state of affairs, truely sad.

**Rusty** · 01-09-2003, 03:13 PM

Originally posted by ALBOB
Actually I've been hearing a lot of rumors that the NHL is dying in Canada. Seems that the $$$ exchange rate is killing the Canuck teams who's players are demanding they get paid in U.S. dollars, the teams just can't afford it because of the weak Canadian dollar. Sad state of affairs, truely sad.

I heard the exact same thing today............

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