Portland Winterhawks parent company files for bankruptcy
Portland Winterhawks Inc., the company that owns Portland's long-time junior league hockey team, filed bankruptcy Thursday six weeks after the Western Hockey League canceled its playoffs due to the coronavirus.
Winterhawks owner William Gallacher allegedly failed to repay money his companies had borrowed in 2018. The lender, Bridging Financing, went to court in Toronto earlier this month and claims it took control of several Gallacher's companies, including the hockey team.
A court-appointed receiver is now in charge. Portland Winterhawks Inc. and several other Gallacher companies filed Chapter 15 bankruptcy in Portland on Thursday.
A receivership could be devastating for the hockey team. The Western Hockey League can terminate a team's ownership agreement if the franchise enters bankruptcy or is in receivership for more than 10 days.
The Winterhawks' landlord, Rip City Management LLC, can also void the team's lease to play in the Moda Center and Veteran's Memorial Coliseum. Rip City Management LLC is affiliated with the Trail Blazers.
- Jeff Manning, The Oregonian/OregonLive.
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