Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law
Municipal Bankruptcies – Interview with Bill Kannel, Member, Mintz Levin
Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case
Harvey Miller: Detroit Will Be In Bankruptcy "For A Long Time"
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case
On March 14, 2023, Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania (the “Court”) ruled that the City of Chester, Pennsylvania (the “City” or “Chester”) was eligible for municipal...more
Since PROMESA was enacted in 2016 to pave the way for a comprehensive restructuring of Puerto Rico’s mounting municipal debt obligations, the U.S. District Court for the District of Puerto Rico (District Court) has become a...more
We intend this pamphlet to provide an overview of chapter 9 for those who manage and govern municipalities. We offer some thoughts on how to avoid filing as well as how to successfully navigate a bankruptcy case and emerge in...more
• The U.S. Court of Appeals for the First Circuit has upheld a controversial ruling by a U.S. District Court in a case involving special revenue bonds issued by the Puerto Rico Highway Transportation Authority (PRHTA). • The...more
There is evidence of a turn-around for municipalities recently struggling to stay afloat. We have posted on several occasions about the fiscal challenges facing municipalities nationwide, from Detroit and Chicago in 2015 and...more
Although not intended to be classics of literature, we have found tales of two municipalities and their Chapter 9 bankruptcies. One was warm and prosperous and on the West Coast, whose housewives we have followed in the age...more
What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more
In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. In re City of Stockton, 2015 Bankr....more
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
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
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
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
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
The resolution of the City of Detroit’s bankruptcy proceeding may have wide-reaching implications regarding the treatment of general obligation bonds, underfunded pensions and health care obligations, as well as the use of...more
The City of Detroit filed for protection under chapter 9 of the Bankruptcy Code on July 18, 2013,[1] becoming the largest municipality to ever file for bankruptcy. Detroit’s bankruptcy filing presents numerous complicated...more
The fourth most-populous city in the United States has filed for bankruptcy. Detroit, Michigan filed for Chapter 9 bankruptcy protection on July 18, 2013. Commentators speculate that the City is carrying a debt load...more
Round one of the fight between the City of Stockton, California and its creditors is finally over. On April 1, 2013, Bankruptcy Judge Christopher M. Klein held that Stockton satisfied the eligibility requirements for a...more
The bankruptcy of the largest U.S. city to file a chapter 9 bankruptcy petition has yielded a decision with serious implications for municipal creditors. Specifically, the United States Bankruptcy Court for the Eastern...more
Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention. ...more
California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities. Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a...more
In This Issue: - Energy Consumption Data Reporting in California – AB 1103 and 531 - Real Estate and Construction Risk Management: Tips to Ensure Your Status as an Additional Insured - Attention: New Foreign Tax...more
California’s AB 506 process was intended to help a municipality in restructuring its debt obligations and avoid bankruptcy. However, the lessons of the bankruptcies of the City of Stockton, the Town of Mammoth Lakes and the...more
The Stockton, California City Council has now authorized the filing of a Chapter 9 bankruptcy petition. Many parties affected by a potential filing by other similarly situated California public entities are seeking to...more