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Chapter 7 bankruptcy filed by NHL farm team

The Trenton Titans, a popular farm team for a major NHL franchise, has shut its doors as of this March, according to local business news. Hockey fans in South Carolina may already be familiar with the story of the Titans, the farm team facing considerable financial pressure due to several breach of contract suits and a host of other debt. The parent company, Blue Line Sports LLC, filed for the team's Chapter 7 bankruptcy on March 11.

The company currently owes money to a variety of creditors, including NHL franchises and fans who had already purchased season tickets to see the team play in the 2014 season. These debts are overshadowed by two breach of contract lawsuits filed against the company. One was filed by a marketing company and the other by the team's former coach.

Combined, these debts come to roughly $500,000 against an asset value believed to be zero. This means the team's physical assets will be liquidated to start the process of paying down the creditors. If any creditors filing legal action have obtained a monetary judgment against the team, they may receive priority as funds are generated from the Chapter 7 filing.

South Carolina business owners know how hard it can be to keep their heads above water when dealing with financial crises. Thankfully, Chapter 7 bankruptcy exists to provide an alternative to drowning in debt. By liquidating company assets to satisfy creditors, companies like Blue Line Sports can protect the personal assets of the company's owners, allowing them to reenter the market with a clean financial slate.

Source: The Wall Street Journal, Trenton Titans, the Flyers Farm Team, Folds in Chapter 7, Stephanie Gleason, March 21, 2014

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