Chapter 9

News & Analysis as of

Orrick's Financial Industry Week in Review

Council of EU Agrees General Approach on Proposed Regulation on Securities Financing Transactions - On November 20, the Council of the EU published a press release reporting that its Permanent Representatives Committee...more

Detroit Confirms Chapter 9 Plan of Adjustment

Approximately 16 months after filing the largest chapter 9 bankruptcy in history, Detroit received approval November 7 of its chapter 9 plan of adjustment. Bankruptcy Judge Stephen Rhodes of the Eastern District of Michigan...more

Orrick's Financial Industry Week in Review

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more

Blog: California Bankruptcy Judge Rules that State Law Does Not Protect Pension Fund from Municipal Bankruptcies

On October 1, a bankruptcy judge ruled that the pension agreement between Stockton, California and Calpers, California’s massive state-run pension fund for public employees, is an executory contract that can be rejected in...more

Detroit Bankruptcy Update: Settlements and Feasibility

In Detroit’s ongoing restructuring effort, the city cleared a major hurdle last week by settling with its largest adversary, Syncora Guarantee, a New York based bond insurer. The settlement was negotiated just a week into the...more

Why Aren’t There More Chapter 9 Bankruptcies?

After the housing market collapse, many cities and towns fell on hard times and have yet to recover. In quite a few communities, housing prices remain low, municipal debt levels are unsustainable, and attempts to raise...more

Legislative Trial Balloon for Puerto Rico Public Corporation Insolvency Process Attracts Bondholder Attention

Last Tuesday, Puerto Rico sold its much ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit...more

Detroit Bankruptcy Update: Plan of Adjustment Filed, Trial Set

Under the Chapter 9 Plan of Adjustment filed on Friday of last week, Detroit Emergency Manager Kevyn Orr urged retirees to vote on a quick exit from bankruptcy by offering smaller-than-expected pension cuts. For non-uniformed...more

City of Detroit Files Proposed Plan of Adjustment in Bankruptcy Proceedings

On February 21, the City of Detroit filed a proposed plan of adjustment and disclosure statement in its Chapter 9 bankruptcy proceedings. The proposed plan would provide general obligation bond claims with a 20 percent...more

Public Works Projects and Municipal Bankruptcies

The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings...more

Detroit Bankruptcy Update: Direct Appeal to Sixth Circuit Permitted

Yesterday Bankruptcy Judge Steven Rhodes ruled that the appeals to his earlier holding that Detroit was entitled to proceed in its Chapter 9 Bankruptcy proceeding would be allowed to bypass a federal district court and head...more

Government Employee Pensions May Now Be Fair Game for Cuts During Bankruptcy Restructuring

On Tuesday, December 2, 2013, Judge Steven Rhodes of the Eastern District of Michigan ruled that the City of Detroit, which filed for Chapter 9 bankruptcy protection in the U.S. Bankruptcy Court on July 18, 2013, met the...more

Bankruptcy Court Rules Detroit Eligible for Chapter 9

At a hearing on December 3, Judge Stephen Rhodes ruled that the City of Detroit was eligible to file for protection under Chapter 9 of the Bankruptcy Code. While the City filed for bankruptcy back in July and has been...more

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

Detroit Judge Clears Way for Largest Municipal Bankruptcy in Country’s History

The oral summary of Bankruptcy Judge Steven Rhodes’s opinion lasted roughly ninety minutes, and the forthcoming written opinion is rumored to be over one hundred and forty pages in length. In making his decision the Detroit...more

Court Rules That Detroit Is Eligible For Chapter 9 And That Pensions May Be Impaired In Chapter 9

On December 5, 2013, the U.S. Bankruptcy Court for the Eastern District of Michigan released its 143 page decision upholding the City of Detroit’s eligibility to be a debtor under chapter 9 of the United States Bankruptcy...more

Parsing the legal and financial impact from Detroit’s bankruptcy

What is the legal, political, and financial fallout of Detroit’s highly publicized Chapter 9 bankruptcy? That was the central question in a Nov. 7 panel discussion in St. Louis hosted by Thompson Coburn. Below are the issues...more

Court Holds that San Bernardino is Eligible to File for Chapter 9

On October 16, 2013, the U.S. Bankruptcy Court for the Central District of California ruled that the City of San Bernardino is eligible for protection under chapter 9 of the Bankruptcy Code. In re City of San Bernardino,...more

Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law  [Video]

Oct. 24 (Bloomberg) -- Detroit's municipal bankruptcy is reason Congress should consider amending Chapter 9 governing municipal debt adjustment, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill...more

Following Chapter 9 Plan, Monoline Insurer Must Continue to Make Payments on Old Bonds

Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more

Court Finds ACA Financial Guaranty Must Back Pre-Bankruptcy Bonds

Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more

Municipal Bankruptcies – Interview with Bill Kannel, Member, Mintz Levin [Video]

Attorney Bill Kannel, Member of Mintz Levin's Bankruptcy, Restructuring & Commercial Law Practice, discusses the prerequisites for municipalities looking to file Chapter 9 bankruptcy. ...more

Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case  [Video]

Sept. 12 (Bloomberg) -- The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the "Case of the Week" status on the bankruptcy video with...more

San Bernardino Wins Its Eligibility Fight

The Chapter 9 case of the city of San Bernardino, California will proceed. After a year in limbo and a spirited fight from the California Public Employees' Retirement System (CalPERS), San Bernardino was finally able to win a...more

San Bernardino Wins Its Eligibility Fight

The Chapter 9 case of the city of San Bernardino, California will proceed. After a year in limbo and a spirited fight from the California Public Employees' Retirement System (CalPERS), San Bernardino was finally able to win a...more

53 Results
|
View per page
Page: of 3