The Senators - currently top of the Northwest Division - are swamped by a debt estimated at around $360m with players missing their team payroll last week.
The team's situation was sent into critical when the Senators' majority owner Rod Bryden's plans for a re-financing deal with Canadian and US banks fell through. It had promised to inject $42m into the team to keep it afloat while it sought a long-term solution.
The legal step now taken through Canada's federal Companies' Creditors Arrangement Act will allow the team to continue playing through the crisis. It provides $8.8m in emergency funding which will allow players to be paid.
Earlier this week the NHL Players' Association said its members were prepared to wait on a new financial package.
Now owner Rod Bryden is seeking to secure a new owner for the troubled franchise. He said he is in talks with a possible partner but gave no further details on who that might be.
