Cash-Strapped Cities Still Leery Of Ch. 9

Law360, New York (April 19, 2011, 1:39 PM EDT) -- As scores of cities and counties grapple with massive pension obligations, falling property tax income and other fiscal hardships, some are looking to bankruptcy to solve their problems — but experts warn that Chapter 9 might not be quite the remedy distressed municipalities expect.

 

The Lehman Brothers Holdings Inc. bankruptcy in September 2008 sent the marketplace into chaos and prompted a high number of the usually rare Chapter 9 filings — the municipal cousin to Chapter 11 bankruptcy protection, which businesses often employ to save...
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