World Boxing Council chief goes bankrupt

<img border='0' align='left' title=' ' src=' ' class='caption'> The World Boxing Council plans to initiate bankruptcy liquidation proceedings on Monday.

updated: February 25, 2007 10:07 IST
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Mexico City:

The World Boxing Council plans to initiate bankruptcy liquidation proceedings today. The WBC filed for Chapter 11 bankruptcy protection in 2003 to keep from paying a USD 31 million judgment awarded to German fighter Graciano Rocchigiani, who had his light heavyweight title taken away from him. "As much as the WBC would like to satisfy the judgment, it is simply impossible," WBC president Jose Sulaiman said in a statement posted on the organization's website. "It is with great sadness that the World Boxing Council announces ... it will instruct its counsel to file Chapter 7 liquidation proceedings." Chapter 7 bankruptcy usually leads to the liquidation of a company. Sulaiman and other WBC officials could not immediately be reached for comment as WBC headquarters in Mexico City were closed yesterday. Founded in 1963, WBC is generally regarded as the most influential of the three major boxing sanctioning organisations. Its 2003 filing for bankruptcy protection came after a New York court upheld a verdict and declared Rocchigiani the light heavyweight champion from 1998-2000. The WBC attempted unsuccessfully to reach a settlement, Sulaiman said in the statement. The WBC president warned that the offer "far exceeds what Rocchigiani could hope to recover in WBC liquidation proceedings," without specifying how much money was offered out of court. (AP)