How much debt was the AFL reported to have as of July 20, 2009?
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.