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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San Bernardino bankruptcy filing to set a precedent

San Bernardino and its largest creditor, California Public Employees’ Retirement System, have made significant progress in recent negotiations, according to Reuters. The negotiations center on how much the city will pay the pension fund as part of the city’s bankruptcy filing. The city filed for protection under Chapter 9 of the bankruptcy law in August of […]

Author: Joel R. Glucksman

March 21, 2014

Pensions Could Be Saved in Detroit Bankruptcy

In July 2013, the city of Detroit filed the largest case under Chapter 9 of the bankruptcy laws in the history of the United States. The case didn’t sit well with everyone. The administrators of the city’s pension funds have been steadfastly opposed to the bankruptcy, asserting that it put at risk the money of hard-working employees. […]

Author: Joel R. Glucksman

January 24, 2014

Detroit Pension Funds Challenge City's Bankruptcy Eligibility

The City of Detroit officially filed for Chapter 9 bankruptcy on July 18, 2013. It hasn’t been smooth sailing. Detroit’s two pension funds recently filed an application in the U.S. 6th Circuit Court of Appeals asking the court to expedite their appeal, which challenges Detroit’s bankruptcy eligibility, according to the Detroit Free Press. On Dec. […]

Author: Joel R. Glucksman

January 10, 2014

Fitch: Stockton Bankruptcy Likely To Affect Future Municipal Bankruptcy Negotiations

A new analysis asserts that court approval of Stockton, California’s plan of reorganization under Chapter 9 of the bankruptcy law could have far-reaching implications for future municipal bankruptcy cases, particularly with regard to labor negotiations. Fitch Ratings recent report, “Stockton Bankruptcy Perspectives,” discusses the ways in which negotiations among labor unions, employees, bondholders, and taxpayers […]

Author: Joel R. Glucksman

November 22, 2013

CalPERS to Appeal San Bernardino's Bankruptcy Eligibility

The California Public Employees’ Retirement System (“CalPERS”) announced its plans to appeal a decision handed down by the U.S. Bankruptcy Court, which affirmed San Bernardino’s eligibility to seek Chapter 9 municipal bankruptcy. CalPERS, California’s largest pension fund, argues that the city did not seek out other alternatives to alleviate its financial struggles before seeking relief […]

Author: Joel R. Glucksman

October 31, 2013

chapter 9 Municipal Bankruptcy

Puerto Rico Lacks Bankruptcy Options

Puerto Rico’s troubling debt position threatens its economic viability, and without Chapter 9 bankruptcy protection as an option, the unincorporated U.S. territory is facing a critical financial situation. The commonwealth’s economy heavily depends on tourism, which has plummeted recently due to declines in Americans’ discretionary spending. In response, the island has been operating largely on […]

Author: Joel R. Glucksman

October 29, 2013

Chapter 9 Bankruptcy Protection

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors

Local and state governments, as well as the federal government, are not the only ones closely watching Detroit’s municipal bankruptcy proceedings. It appears that Detroit, which recently filed the largest municipal bankruptcy in U.S. history, has also garnered the attention of global investors who are making determinations about future investments into the struggling city. China, […]

Author: Joel R. Glucksman

September 20, 2013

San Bernardino Commits to Mediation 'Outline'

One week after a U.S. Bankruptcy Judge ruled that the city of San Bernardino is eligible to seek protection under the provisions of Chapter 9 municipal bankruptcy, city officials committed to preparing an “outline” by October 15 when they enter into discussions with creditors and a mediator. The city will be required to enter into […]

Author: Joel R. Glucksman

September 17, 2013

Judge Speeds Up Detroit's Eligibility Hearing

Legal commentators have noted that they expect the Detroit Chapter 9 bankruptcy case to be a tedious and time-consuming process. This projection has been supported by the large number of creditors filing objections seeking to prove that the city is not eligible to seek out bankruptcy protection. However, the bankruptcy judge who is overseeing the […]

Author: Joel R. Glucksman

September 10, 2013

Creditors File Objections to Detroit Bankruptcy

More than 100 objections have been filed by creditors, opposing the eligibility of Detroit to file Chapter 9 municipal bankruptcy of U.S. bankruptcy law. This is a development that may add significant complexity to the question of whether the struggling city will be permitted to move forward with its bankruptcy reorganization proceedings. Creditors, unions, and retiree […]

Author: Joel R. Glucksman

August 30, 2013

Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities

Five years after the Great Recession began, a number of cities across the country are still struggling to recover from fiscal shortfalls, budgetary constraints, and financial mismanagement. As is well known, this has prompted many to seek protection under Chapter 9 – the municipal bankruptcy part of bankruptcy law. Although the media have generally focused […]

Author: Joel R. Glucksman

August 22, 2013

Detroit Businesses See Bankruptcy as Opportunity for 'Stability'

When cities file for municipal bankruptcy protection, public works projects, civil servants, and public institutions typically suffer. In the case of the most recent historic filing, many Detroit businesses see it as an opportunity to gain more traction in an economy that has been unpredictable and sluggish for the last several years. Sandy Baruah, head of the […]

Author: Joel R. Glucksman

August 1, 2013

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