Contact: John Hartgen
703-894-5935
NEW IN THE ABI
BOOKSTORE: MUNICIPALITIES IN PERIL: THE ABI GUIDE TO CHAPTER
9
March 5,
2010 Alexandria, Va. — The American Bankruptcy
Institute has released Municipalities in Peril: The ABI Guide to
Chapter 9, which provides a resource to insolvency professionals
addressing relevant issues and the many unique problems that arise under
chapter 9. Cities and other local governments are under unprecedented
financial stress, burdened with massive infrastructure costs as well as
often-crushing employee compensation and benefits obligations at a time
of declining sales and property tax revenues. Authored by H. Slayton
Dabney, Jr. of King & Spalding LLP, Patrick Darby of
Bradley Arant Boult Cummings LLP, Daniel G. Egan of King &
Spalding LLP, Marc A. Levinson of Orrick, Herrington &
Sutcliffe LLP and George B. South III of DLA Piper, the
Guide addresses such issues as eligibility requirements, pros and
cons of filing, and pre-filing considerations through case
administration, confirmation and beyond.
Commentators predict levels of
municipal insolvency unmatched since the Great Depression.
Municipalities must conduct their business in public, and are subject to
intense scrutiny, so even the hint of a potential chapter 9 filing may
have a devastating effect on their credit ratings. Many cities,
counties, hospital districts and tax districts may be forced to consider
seeking bankruptcy relief. Chapter 9 differs from the other
reorganization chapters of the Bankruptcy Code because municipality
debtors are different from other debtors, with special rules and
practices for fundamental issues of governance, credit and debt
adjustment. The Guide includes a convenient summary of all state
statutes authorizing (or not authorizing) municipalities to seek chapter
9 relief and a comparison of key features of chapter 9 and chapter 11.
It is a must-have for bankruptcy professionals contemplating entering a
burgeoning practice area, and is an excellent resource for municipal
finance personnel and counsel.
Members of the press interested in
interviewing any of the authors should contact John Hartgen at
703-894-5935 or
color='#0000ff' size='3'
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face='Calibri'>. The 130-page softbound
face='Calibri'>Municipalities in Peril: The ABI Guide to Chapter
9 is available for pre-order ($25 ABI members; $35 non-members)
at ABI's Online Bookstore. Click here to order.
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