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Tag Archives: Chapter 9
UPDATE: Court Rejects CalPERS’ Efforts to Lift Stay In San Bernardino Case
In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift the automatic stay and … Continue reading
Posted in Analysis, Chapter 9
Tagged Automatic Stay, Chapter 9, Jefferson County, municipal bankruptcy
Stockton: Bankruptcy Court Upholds Municipal Debtor’s Power to Impair Retiree Contracts
On August 6, 2012, Judge Christopher M. Klein of the Bankruptcy Court for the Eastern District of California dismissed a group of retirees’ adversary proceeding and held that under its pendency plan, a chapter 9 debtor has the power to … Continue reading
Posted in Analysis, Chapter 9
Tagged 10th Amendment, California, Chapter 9, Constitution, stockton
Harrisburg: A Case Study in State Law Barriers to Chapter 9
On November 23, 2011, the Bankruptcy Court for the Middle District of Pennsylvania dismissed Harrisburg, Pennsylvania’s chapter 9 bankruptcy petition because Harrisburg was not specifically authorized to file for Chapter 9 as required by the Bankruptcy Code. Harrisburg’s failed attempt to remain in Chapter 9 highlights the political factors and state law constraints that municipalities must consider prior to seeking bankruptcy relief.[1] This article will discuss the origins of Harrisburg’s debt crisis, the Harrisburg City Council’s attempt to file for Chapter 9 without the Mayor’s approval, the legal obstacles placed in the path of the City Council’s bankruptcy filing, and the lessons that other distressed municipalities and creditors can learn from Harrisburg’s experience. Continue reading
Posted in Chapter 9
Tagged 10th Amendment, 14th Amendment, Act 26, Act 47, Chapter 9, Constitution, Harrisburg, municipal bankruptcy, Pennsylvania
Chapter 9 Update: Harrisburg Files for Bankruptcy Amid Political Dispute
Harrisburg, Pa., the state capital, filed for chapter 9 bankruptcy on October 12, 2011. The City Council authorized the filing without approval of the mayor, leaving the validity of the filing in doubt. The state of Pennsylvania has challenged the … Continue reading
Posted in Analysis, Chapter 9
Tagged Chapter 9, Harrisburg, municipal bankruptcy