Case Study: In Re Northern Mariana Islands Retirement Fund
June 26, 2012, 12:26 PM EDT
Law360, New York (June 26, 2012, 12:26 PM EDT) -- A recent decision of the U.S. District Court for the Northern Mariana Islands in In re Northern Mariana Islands Retirement Fund held that the Northern Mariana Islands Retirement Fund, which is significantly underfunded and expected to go bust in 2014, is not eligible to be a debtor under Chapter 11 of the U.S. Bankruptcy Code.
This case is noteworthy because it is the first case where a bankruptcy court addressed an issue of increasing frequency and importance: the accumulation of significant underfunded defined benefit liabilities by...
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