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Municipalities Chapter 9 Pensions

Nossaman LLP

Bankruptcy Court Decides That The Bankruptcy Code Preempts California State Pension Laws

Nossaman LLP on

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

Cooley LLP

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

Cooley LLP on

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

Baker Donelson

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

Baker Donelson on

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

Saul Ewing Arnstein & Lehr LLP

Detroit’s unprecedented bankruptcy filing highlights issues facing municipalities nationwide

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

Cadwalader, Wickersham & Taft LLP

California Dreaming? CalPERS Seeks Payment in Full of All Pension Obligations During Pendency of San Bernardino’s Chapter 9 Case

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

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