The Trenton Titans, the Philadelphia Flyers’ minor league affiliate, is winding down in Chapter 7 bankruptcy after canceling its 2014 season.
The team—which filed for bankruptcy on March 11 with the U.S. Bankruptcy Court in Trenton, N.J., as Blue Line Sports LLC—claimed no assets and nearly $500,000 in debts in court documents. A Chapter 7 filing usually indicates a company’s intent to liquidate, as opposed to Chapter 11, which often means the company plans to continue operations and restructure its debt.
Not included in that debt load is the amount the Titans may owe to its head coach, Vince Williams. Mr. Williams is suing the team in New Jersey Superior court for breach of employment contract. The Titans listed this liability as disputed with an “unknown” amount.
Other large creditors include the Philadelphia Flyers, owed $70,000 in trade debt; the New Jersey Devils, owed $12,000 in “player transactions;” Front Row Marketing, owed more than $123,000 for alleged breach of marketing contract; and an apartment complex called Franklin Commons, owed $58,200 in housing expenses.
On the list are also a slew of season ticket holders, which likely had already purchased tickets for the upcoming season. Those debts range from a few hundred dollars to nearly $2,550. Finally, the Titans list a number of medical professionals—including a dentist, neurologist and orthopedist—as creditors owed for services.