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Sabres Meet with Creditors, Hamister Seeking Investors

Buffalo, NY – The bankrupt Buffalo Sabres are likely to use up nearly all their allotted $25 million in financing by the end of the NHL season, emphasizing the urgency of finding a new owner.

At a creditors meeting at the US Trustees office in Buffalo Monday, it was learned the Sabres have already drawn $8 million on their court-approved debtors-in-possession loan. They expect to draw between $12 million and $15 million more by the time the regular season ends on April 6th.

Barring the team being sold, the Sabres would be in jeopardy of folding once their financing runs out as it's unlikely they would be granted additional loans.

Meanwhile, the Buffalo News reports Mark Hamister is still pursuing his bid to buy the Buffalo Sabres. Hamister is said to be trying to line up several investors willing to commit from $1 million to $10 million apiece.

There is still no indication from the National Hockey League on the status of Rochester businessman Thomas Golisano's efforts to buy the team.