News & Analysis as of

Chapter 9 Municipalities

Cadwalader, Wickersham & Taft LLP

Of Standing and Stonewalling: Chester, Pennsylvania Bankruptcy Sheds New Light on Chapter 9 Eligibility Requirements

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

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Validates PR Financial Oversight Board, but Challenges Remain

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

Orrick, Herrington & Sutcliffe LLP

Municipal Bankruptcy: Avoiding and Using Chapter 9 in Times of Fiscal Stress (Second Edition)

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

Holland & Knight LLP

Recent Ruling Against Puerto Rico Revenue Bondholders Causes Waves in U.S.

Holland & Knight LLP on

• 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

Harris Beach PLLC

Detroit: Has Oversight Helped the Municipality Rebound?

Harris Beach PLLC on

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

Cozen O'Connor

Municipal Bond Offering Disclosures after a Chapter 9 Filing—A Few Reflections on Orange County and the City of Detroit

Cozen O'Connor on

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

Orrick, Herrington & Sutcliffe LLP

Distressed Download - March 2015

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

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

Orrick - Finance 20/20

Detroit Confirms Chapter 9 Plan of Adjustment

Orrick - Finance 20/20 on

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

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

Cadwalader, Wickersham & Taft LLP

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

Orrick, Herrington & Sutcliffe LLP

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

Orrick - Finance 20/20

Court Finds ACA Financial Guaranty Must Back Pre-Bankruptcy Bonds

Orrick - Finance 20/20 on

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

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

Katten Muchin Rosenman LLP

Municipal Bankruptcies: An Overview and Recent History of Chapter 9 of the Bankruptcy Code

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

JD Supra Perspectives

Copy: City of Detroit's Petition for Chapter 9 Bankruptcy

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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

Sheppard Mullin Richter & Hampton LLP

Judge Rules In Favor Of Stockton And Accepts Chapter 9 Petition

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

Sheppard Mullin Richter & Hampton LLP

Bankrupt Municipality May Reduce Retiree Benefits

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

Mintz - Public Finance Viewpoints

Detroit's "Fiscal Cliff" and Michigan's Response

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

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

Pillsbury Winthrop Shaw Pittman LLP

Perspectives on Real Estate - Fall 2012

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

Katten Muchin Rosenman LLP

California’s AB 506 Process: What Creditors Can Expect in the Wake of California Municipal Bankruptcies

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

Sheppard Mullin Richter & Hampton LLP

Chapter 9 - California and Federal Bankruptcy Law/Relative Bargaining Positions

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

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