Canadian billionaire Eugene Melnyk submitted a bid to buy the bankrupt Ottawa Senators.

Melnyk said in a statement Monday that his offer "reflects what I believe to be a fair and reasonable value for the team."

Melnyk, whose advisers have been reviewing the Senators' books in recent weeks following the collapse of previous owner Rod Bryden's offer to repurchase the team, provided no dollar figure for the offer.

His bid includes a commitment to keep the team in Ottawa, and he's seeking to complete the deal by May 5.

Melnyk is chairman of the Ontario-based pharmaceutical giant Biovail Corp.