Municipal Bankruptcy: An Uncertain Landscape
The current credit market crunch, the fallout of the housing construction industry and subprime mortgage crisis, together with longer-standing problems related to underfunded pension plans, mounting health care liabilities and a general inability of some municipalities to stabilize their financial positions, may serve as a catalyst for municipalities to consider the protective and rehabilative provisions of Chapter 9 of the Bankruptcy Code.
While thousands of businesses have taken advantage of Chapter 11...
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