The trustee overseeing the Chapter 11 (reorganization) bankruptcy filing by the business that owns the indy pro San Angelo Colts (United League) has filed a motion with the U.S. Bankruptcy Court in Dallas to (1) dismiss the Colts’ Chapter 11 filing, or (2) convert it to a Chapter 7 (liquidation) bankruptcy because “The Debtor has failed to file monthly operating reports and failed to provide the United State Trustee with tax returns, proof of insurance, and proof of debtor-in-possession bank account.” Read more here.
United League’s Colts Face Major Bankruptcy Hurdle in Court
Filed under League & Franchise, Legal, Money & Financials