Municipalities in Peril: The ABI Guide to Chapter 9

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 ...