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SBD Global/January 10, 2013/Finance

Gießen 46ers Need $196,000 By The End Of January To Stay Afloat

Insolvent Basketball Bundesliga (BBL) club Gießen 46ers "have to come up with €150,000 ($196,000) by the end of January," according to FRANKFURTER ALLGEMEINE ZEITUNG. Liquidator Tim Schneider said that if Gießen "fails to come up with the money, the club will have to open insolvency proceedings and withdraw from the BBL at the end of February." In order to finish the season, the last-place team "would need a total of €360,000 ($471,000)." Gießen Mayor Dietland Grabe-Bolz announced the acquittance of a €60,000 ($79,000) bond. Therefore, the banks "could reopen the credit lines of the club." Schneider said, "It is a signal that we have urgently needed" (FAZ, 1/8).
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