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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First Detroit Bankruptcy Hearing Set by Judge

Legal challenges to a historic petition to file for Chapter 9 municipal bankruptcy continue, as the city braces for the initial Detroit bankruptcy hearing this week. Less than one week after Detroit filed for the largest municipal bankruptcy in U.S. history, the city has requested that U.S. Bankruptcy Judge Steven Rhodes suspend pensioners’ lawsuits and prevent new […]

Author: Joel R. Glucksman

July 30, 2013

Detroit Files for Chapter 9 Municipal Bankruptcy

After months of closed-door negotiations and speculation, the city of Detroit officially filed for Chapter 9 municipal bankruptcy, making it the largest municipal bankruptcy in U.S. history. The city, which is facing billions of dollars in debt due to decades of mismanagement, high unemployment, and tax revenue losses, failed to reach an accord over the recent […]

Author: Joel R. Glucksman

July 23, 2013

Jefferson County, Alabama and Creditors Reach Deal to Exit Municipal Bankruptcy

Jefferson County, Alabama, has announced the details of an agreement it reached with creditors that will enable the distressed county to formally exit municipal bankruptcy. The county has agreed to refinance its existing debts by June 30 in an effort to officially emerge from bankruptcy law protection by November 2013. According to the terms of […]

Author: Joel R. Glucksman

June 18, 2013

Chapter 9

Business Bankruptcies Declined in 2012 and Q1 of 2013

The number of high-profile corporate bankruptcies that have made national headlines in recent months suggests that business bankruptcies are on the rise. However, a new analysis shows that the opposite is true. According to new research compiled by Credit2B, a Smyyth company that specializes in credit and accounts receivable management technology, business bankruptcy filings fell for […]

Author: Joel R. Glucksman

May 28, 2013

Bankrupt San Bernardino Favors CalPERS Over Bondholders

The city council of bankrupt San Bernardino announced it will resume making payments to the state pension fund – the California Public Employees’ Retirement System, or CalPERS – to the chagrin of the city’s bondholders. Municipal lawmakers approved a new 14-month budget that will require it to prioritize some creditors over others. The council voted to continue […]

Author: Joel R. Glucksman

May 3, 2013

California Public Employees' Retirement System

Municipal Bankruptcies Pit Pensioners, Bondholders Against Each Other

Several cities have sought bankruptcy law protection under Chapter 9 of the Bankruptcy Code in recent months. A new analysis suggests that as the number of municipal bankruptcies in the U.S. increases, pensioners and bondholders may be in the center of the fight, according to Forbes. Following Judge Christopher Klein’s decision to allow Stockton, California, to […]

Author: Joel R. Glucksman

April 16, 2013

Chapter 9

City of Stockton Qualifies For Bankruptcy Protection

A federal judge has ruled that the city of Stockton, California, is eligible for bankruptcy protection. Thus, the Chapter 9 bankruptcy case filed by the city will continue. Stockton, which is home to some 300,000 residents, recently became the largest city in the United States to file for bankruptcy protection. The city joins fellow California […]

Author: Joel R. Glucksman

April 11, 2013

Detroit to Appoint an Emergency Manager

Michigan Gov. Rick Snyder announced Thursday at a news conference in Detroit that he was committed to sending an emergency manager to oversee Detroit’s finances as the city struggles to avoid seeking bankruptcy law protection under Chapter 9 of the Bankruptcy Code. Snyder will recommend the appointment of bankruptcy lawyer Kevyn Orr as the emergency […]

Author: Joel R. Glucksman

March 28, 2013

Court Denies Creditors' Document Request in Alabama Bankruptcy Case

In the ongoing bankruptcy case of Jefferson County Alabama, Wall Street creditors who petitioned the court for access to county documents relating to city sewer-system rates will not be permitted to view the records, a bankruptcy court has ruled. U.S. Bankruptcy Judge Thomas Bennett denied a request by creditors to examine the documents used by […]

Author: Joel R. Glucksman

February 8, 2013

Chapter 9

Bondholders Confront CalPERS in San Bernardino Bankruptcy Case

Creditors who are the city’s bondholders in the San Bernardino, California, bankruptcy case are displeased with the position taken by the California Public Employees’ Retirement System – or CalPERS – and they are taking their concerns to court. The bondholders filed a legal protest against CalPERS, arguing that the pension fund is seeking preferential treatment […]

Author: Joel R. Glucksman

January 1, 2013

Chapter 9

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