Municipal Bankruptcy: An Uncertain Landscape

Law360, New York (May 21, 2008, 12:00 AM EDT) -- Bridgeport, Conn.; Orange County, Calif.; local hospital authorities and sewer districts – who’s next?

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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