Ariz. City Seeks To Convert Coyotes Ch. 11 To Ch. 7

Law360, New York (December 4, 2009, 4:47 PM EST) -- The city of Glendale, Ariz., has filed an emergency bid to convert the Chapter 11 proceedings of the National Hockey League's Phoenix Coyotes to a Chapter 7 bankruptcy to cut costs, now that the hotly contested sale of the team to the league has wrapped up.

There are limited claims and work to be done, but only approximately $13 million left in the debtors’ estates, which is cause enough for an emergency to exist, the city said in the U.S. Bankruptcy Court for the District of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.