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New Orleans Should Consider Bankruptcy: Report

Law360 (April 18, 2006, 12:00 AM EDT) -- Still struggling to recover from the most expensive catastrophe in U.S. history, New Orleans may be only a month away from collapsing into bankruptcy, according to a report published by two government watchdog groups.

Earlier this month, the Bureau of Governmental Research (BGR) and the Public Affairs Research Council of Louisiana (PAR) released a sobering study, predicting that New Orleans’ solvency was nearing its end after the devastation unleashed by Hurricane Katrina.

The beleaguered city will run out of cash in one month, with no back-up...
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