On July 20, 2009, Sports Business Journal reported that the AFL owed approximately $14 million to its creditors and were considering filing for Chapter 11 bankruptcy protection. In early August 2009, numerous media outlets began reporting that the AFL was folding permanently and would file for Chapter 7 bankruptcy. The league released a statement on August 4 to the effect that while the league was not folding, it was suspending league operations indefinitely. Despite this, several of the league's creditors filed papers to force a Chapter 7 liquidation if the league did not do so voluntarily. This request was granted on August 7, though converted to a Chapter 11 reorganization on August 26. COUNT 5
QSN1 On what date was it reported that the AFL was considering bankruptcy? ANS1 July 20, 2009 QSN2 What publication reported that the Arena Football League was thinking about filing bankruptcy? ANS2 Sports Business Journal QSN3 How much debt was the AFL reported to have as of July 20, 2009? ANS3 $14 million QSN4 What type of bankruptcy was the league reportedly thinking about filing in July 2009? ANS4 Chapter 11 QSN5 On what date did the AFL announce that it was not shutting down? ANS5 August 4