Law360, New York (March 19, 2009, 12:00 AM ET) -- Many cities and counties are facing a coming financial crisis as their lack of foresight combines with the most difficult economic times since the great depression.
Some of those municipalities may consider what a few years ago was nearly unthinkable: using bankruptcy (or at least the threat of bankruptcy) to break or renegotiate their commitments and to reject their collective bargaining agreements, cutting benefits and compensation for their public safety employees.
Historically, Chapter 9 of the U.S. Bankruptcy Code, which applies to cities, counties and other...
While Cities Count Slowly To (Chapter) 9
To view the full article, take a free trial now.
