Late deal saves Bolton from bankruptcy protection
BOLTON, England (AP) — English club Bolton has avoided going into bankruptcy protection after creditors accepted a late offer of a loan repayment.
The northwestern club, which was relegated from the Premier League in 2012 and now plays in the second-tier League Championship, faced a 12-point penalty and a two-year transfer embargo if administrators had taken over.
A day after saying a loan repayment of 4 million pounds ($5.2 million) plus interest had been rejected, Bolton chairman Ken Anderson says it has been repaid, that other loans have been extended on better terms, and that other liabilities have been reduced to save the club 1.5 million pounds ($2 million).
Bolton is in eighth place in the Championship with 11 points after narrowly escaping relegation last season.