Cities and other local governments are under unprecedented financial stress, burdened with massive infrastructure costs as well as often-crushing employee compensation and benefits obligations at a time of declining sales and property tax revenues. Commentators predict levels of municipal insolvency unmatched since the Great Depression. Chapter 9 differs from the other reorganization chapters of the Bankruptcy Code because municipality debtors are different from other debtors, with special rules and practices for fundamental issues of governance, credit and debt adjustment. Municipalities must conduct their business in public, and are subject to intense scrutiny by the press, yet even the hint of a potential chapter 9 filing may have a devastating effect on their credit ratings. This Guide, written by H. Slayton Dabney, Jr., Patrick Darby, Daniel G. Egan, Marc A. Levinson and George B. South III, provides a resource to insolvency professionals addressing relevant issues and the many unique problems that arise under chapter 9 - from eligibility requirements, pros and cons of filing, and pre-filing considerations through case administration, confirmation and beyond. It includes a convenient summary of all state statutes authorizing (or not authorizing) municipalities to seek chapter 9 relief and a comparison of key features of chapter 9 and chapter 11. It is a must-have for bankruptcy professionals contemplating entering a burgeoning practice area, and is an excellent resource for municipal finance personnel and counsel. Softbound, 130 pages.
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