Chapter 9

Scarinci Hollenbeck’s Chapter 9 Bankruptcy practice group regularly provides content on entities, including financial institutions, corporations, insurance companies, leasing and finance companies, and businesses impacted by chapter 9. Our content provides insight on dealing with complex and sophisticated chapter 9 bankruptcy matters.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Chapter 9 Bankruptcy Protection Is The Verdict For Hillview, Kentucky

On August 20, the town of Hillview, Kentucky announced that it had filed for Chapter 9 bankruptcy protection, according to the Louisville Courier-Journal. In court documents, the town noted that it had sought bankruptcy protection following an $11.4 million jury verdict, which was approximately four times the town’s budget. Hillview’s legal dispute lands them in […]

Author: Joel R. Glucksman

September 7, 2015

Bankruptcy Fees Announced Paid By The City of Detroit

As the curtain opens slowly Detroit’s bankruptcy fees are revealed… City officials disclosed Dec. 30 that Detroit paid out approximately $170.2 million in bankruptcy fees and expenses to lawyers and restructuring consultants during its landmark bankruptcy case. When the state’s reimbursement of $5.29 million is considered, the total fees paid from the city’s general fund […]

Author: Joel R. Glucksman

January 15, 2015

Judge Rhodes Endorses Detroit Bankruptcy Plan

Less than a year and a half after filing for protection under Chapter 9 of the bankruptcy law, the city of Detroit is ready to begin implementing its plan of restructuring. Judge Steven Rhodes of the United States Bankruptcy Court for the Eastern District of Michigan approved the Detroit plan to cut $7 billion of […]

Author: Joel R. Glucksman

November 27, 2014

Judge Approves Stockton's Bankruptcy Plan

Shortly after the closing arguments in the Detroit bankruptcy, Stockton’s Bankruptcy plan was approved. U.S. Bankruptcy Judge Christopher Klein issued a ruling on Oct. 30, which approved a restructuring plan proposed by Stockton, California, according to the Associated Press. The city will be allowed to reorganize over $900 million in long-term debt as a part of Stockton’s bankruptcy […]

Author: Joel R. Glucksman

November 25, 2014

Chapter 9

Syncora Reaches Deal In Detroit Bankruptcy

Bond insurer Syncora – one of Detroit’s holdout creditors since the city filed for protection under Chapter 9 of the bankruptcy law – has agreed to a comprehensive settlement and has issued a formal apology for its intemperate language during the case, according to the Detroit Free Press. While Syncora’s former ally, bond insurer Financial Guaranty Insurance Co., […]

Author: Joel R. Glucksman

September 25, 2014

Bitcoin Mining Manufacturer Files for Bankruptcy

HashFast, a manufacturer of bitcoin mining equipment, has filed for protection under Chapter 11 of the bankruptcy law, according to CoinDesk. A creditor, Liquidbits, had filed an involuntary Chapter 7 bankruptcy against HashFast, forcing it to request a conversion to a voluntary Chapter 11 reorganization proceeding. U.S. Bankruptcy Judge Dennis Montali granted HashFast’s request June […]

Author: Joel R. Glucksman

June 17, 2014

Scarinci Hollenbeck

Two Important Votes in Detroit

Two important votes are scheduled in the Detroit bankruptcy case, the results of which will influence how the city will exit the protection of its case under Chapter 9 of the bankruptcy law. The City Council is set to vote on a resolution that would approve the transfer of Detroit’s assets in the Detroit Institute […]

Author: Joel R. Glucksman

June 12, 2014

Detroit bankruptcy costs reached almost $36 million in 2013

Detroit has bid to get out of billions of dollars in debt by filing for protection under Chapter 9 of the bankruptcy law. However, in doing so, the city is racking up a large, new bill in the short term. The total fees and expenses to be paid to law firms and consultants engaged in the […]

Author: Joel R. Glucksman

May 27, 2014

Silent victims in the Detroit bankruptcy filing

As the city of Detroit nears a final decision in its bankruptcy case, its pension boards and retirees’ group have reached a tentative agreement that may help the city to get out of Chapter 9 by the end of the year, according to The New York Times. By emergency manager Kevyn Orr’s estimation, the city […]

Author: Joel R. Glucksman

May 9, 2014

Judge Rhodes taps experts to help in Detroit bankruptcy

As Detroit is hoping to approach the end of its sojourn in bankruptcy under Chapter 9 of the bankruptcy law, the judge overseeing the city’s filing has asked experts to advise him on the feasibility of its plan. Judge Steven Rhodes tapped Marti Kopacz of Phoenix Management Services as the court’s expert witness, and former […]

Author: Joel R. Glucksman

May 6, 2014

Bond insurer creates setback for Detroit bankruptcy plan

Detroit is continuing to negotiate with its creditors in order to form a plan to emerge from Chapter 9 bankruptcy. In the latest wrinkle, bond insurer the Financial Guaranty Insurance Company, argued in a lawsuit that Detroit’s plan would illegally discriminate against the city’s third largest group of creditors, according to The New York Times. […]

Author: Joel R. Glucksman

April 4, 2014

Kevyn Orr confident for Detroit

One year after his appointment as Detroit Emergency Manager, Kevyn Orr is confident that Detroit will bounce back. According to Reuters, Orr predicts that the city’s plan to get out from under its $18 billion of debt will win court approval by this fall. There are a number of obstacles still standing in the way, […]

Author: Joel R. Glucksman

April 3, 2014

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