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SBD Global/April 23, 2013/Finance

Swiss Second-Tier AC Bellinzona To File For Bankruptcy With Debt Of $9.1M

Swiss second-tier football club AC Bellinzona "has to file for bankruptcy after administrator Marco Ambrosini denied a request for a two week extension," according to the NEUE ZÜRCHER ZEITUNG. The lawyers of club President Gabriele Giulini requested an extension until May 2 to give the club time to come up with financial rehabilitation plans. The request was denied and with debt of CHF8.5M ($9.1M) opening insolvency proceedings is the only remaining option for the 109-year-old club. However, various local media outlets reported that the current second-placed team in the Challenge League "will appeal the decision" (NZZ, 4/22).
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