The Newark Bears filed for bankruptcy under Chapter 11 today, giving the beleaguered Atlantic League franchise breathing room to reorganize its finances while arranging for a sale. The Newark Bears filed for bankruptcy under Chapter 11 today, giving the beleaguered Atlantic League franchise breathing room to reorganize its finances while arranging for a sale. The Bears listed at least $4.6 million owed to creditors, including $3.4 million to its mortgage company and more than $800,000 to Essex County, which financed Bears and Eagles Riverfront Stadium along with the city of Newark. County officials and team owner Mark Berson say they’ll look for a buyer for the team, who may acquire the franchise under some fire-sale circumstances: there’s no way the franchise is worth what’s owed to creditors. More from NJ.com.