News & Analysis as of

Municipalities Chapter 9 Municipal Bonds

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

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

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

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

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