Municipal Bankruptcy

Scarinci Hollenbeck’s Bankruptcy and Creditors' Rights practice group regularly provides content on municipalities. Our content provides insight on dealing with township and municipality bankruptcy issues.

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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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Detroit's Bankruptcy Directs To Major Pension Funding Crisis

After the largest municipal bankruptcy filing in U.S. history, the Detroit government is struggling for a solution to make payments on what is consdiered a major pension funding crisis. While the $18 billion debt sent the city into a free fall to insolvency, there is now a growing concern about unfunded pensions for retirees and […]

Author: Joel R. Glucksman

July 20, 2015

The City Of Detroit Emerges From Bankruptcy

The city of Detroit emerged from bankruptcy on Dec. 10, closing a painful chapter in its history and opening the door to a potentially brighter future. Detroit marked the largest municipal bankruptcy in American history, according to The New York Times. Its historic bankruptcy filing lasted a total of 17 months – relatively short compared […]

Author: Joel R. Glucksman

December 18, 2014

Objections Submitted Over Detroit Bankruptcy Plan

The political disputes over Detroit’s restructuring plans were brought sharply into focus May 12, when 15 objections to the city’s debt adjustment plan were filed in bankruptcy court. Objections were filed by creditors, residents, Oakland and Macomb counties and, most notably, by the United States government, according to MLive. The U.S. Department of Housing and […]

Author: Joel R. Glucksman

May 29, 2014

No Pension Cuts For Detroit's Uniformed Retirees

One of the biggest obstacles to the successful resolution of the Detroit bankruptcy filing so far has been opposition from pensioners, who represent a significant portion of the city’s debt. In an unexpected announcement April 15, Gerald Rosen, Detroit’s bankruptcy mediator, revealed that the city has reached a deal with the Retired Detroit Police and Fire […]

Author: Joel R. Glucksman

April 29, 2014

Detroit

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

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

Detroit's Bankruptcy Eligibility Trial Kicks Off

The highly publicized trial that will determine Detroit’s eligibility to file the largest municipal bankruptcy in U.S. history kicked off on Oct. 23, with the expected opposition from creditors and labor unions. Representatives for the city are urging U.S. Bankruptcy Judge Steven Rhodes to approve the city’s petition to file for protection under Chapter 9 of […]

Author: Joel R. Glucksman

November 5, 2013

Detroit Bankruptcy

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

Judge Allows Detroit to Keep Casino Tax Revenue

Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with creditors relating to these revenues take place, a bankruptcy court has ruled. U.S. Bankruptcy Judge Steven Rhodes authorized the struggling city to take in the casino tax revenue – which amounts to roughly $11 million each month – […]

Author: Joel R. Glucksman

October 8, 2013

Detroit Bankruptcy

New York Tops List of Cities with Optimal Business Health

Some municipalities are faring better than others in the health and vitality of their businesses and consumer spending. A telling sign for the overall business health of improving cities is often the viability of the local economy. Along these lines, a new report reveals which U.S. cities are on their way to full recovery and which […]

Author: Joel R. Glucksman

October 1, 2013

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

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