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Bankruptcy Concerns Hover Over New Orleans

Law360 (August 28, 2006, 12:00 AM EDT) -- One year after Hurricane Katrina—the most expensive catastrophe in U.S. history—wrought an estimated $75 billion worth of damage on the Gulf Coast, small businesses and taxpayers are still struggling to stave off insolvency despite lawmakers’ efforts to ease the financial burden.

Approximately 81,000 businesses in Louisiana were damaged in the storm, and although 75% have since reopened, around 19,000 businesses have been permanently shuttered, according to the Census Bureau.

Suffering from housing and employee shortages, as well as a lack of tourism, many small businesses are...
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