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SBD Global/December 5, 2012/Finance

Swiss National League B Club HC Sierre To File For Bankruptcy

Financially struggling Swiss National League B hockey club Sierre revealed that it is "about to file for bankruptcy," according to the SCHWEIZER FERNSEHEN. The club's board of directors Monday told its shareholders that it "has to file for bankruptcy." Sierre has allegedly a debt of about CHF 1M ($1.1M). The club "will file for bankruptcy because its financial rehabilitation attempt outside of court has failed." Sierre "was granted its license for the current season under strict requirements" by the association. A statement from the Swiss Ice Hockey Association said that the club has received an additional debt claim in the "mid six-figures," which dramatically worsened Sierre's situation. The association "does not rule out the possibilities of revoking Sierre's license and exclude the team from the NLB" (SF, 12/3).
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