San Bernardino's stunning news last week that it was broke and needed to file for bankruptcy protection has some observers wondering who's next. San Bernardino is the third California city, after Stockton and Mammoth Lakes (Mono County), to declare ...
Municipal bankruptcy lawyers have been anticipating increased interest ... the brutal decline in real estate values in most areas of the country has hit them particularly hard. And sales taxes have fallen as a slow economy forces retailers ...
Municipal bankruptcy lawyers have been anticipating increased interest ... "Restructuring the Troubled Municipality — A Case Study" was warmly received in its one-day run at the Beverly Wilshire Hotel in Beverly Hills, particularly the ...
DOVER, Del. -- Tribune won court approval to emerge from Chapter 11 bankruptcy protection, more than four years after a leveraged buyout left the media company with unsustainable debt. U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del.
George DuRant, the examiner in the bankruptcy case, said in his report that the low sale price indicates Campbell and Cattano agreed to take on the franchises’ liabilities. His report also includes emails from Campbell and Cattano that DuRant ...
But municipal bankruptcy filings are likely to remain rare for a variety ... the city of Scranton this month took the dramatic step of cutting all municipal pay to just $7.25 — minimum wage. The mayor has proposed an 80% increase in property ...
He also hid baseball gloves, balls, bats and other memorabilia from the bankruptcy court and creditors and sold ... theft auto and providing a false financial statement. In that case, Dykstra was arrested last year by police who said they ...
These cities are not alone. Approximately 640 government entities have filed bankruptcy through Chapter 9 at the federal level since it was established in 1937. The total number of filings in 2011 was 13. This doubles 2010 filings. There is a ...
increased legal costs related to Patriot's bankruptcy filing and other litigation, and (xi) the ability of Patriot and its subsidiaries to maintain contracts that are critical to their operation, including to obtain and maintain normal terms with their ...
The decision by three California cities to seek bankruptcy protection in the space of two weeks is unlikely to presage a wave of copycat filings. But it does underscore the mounting financial pressure facing local governments around the country.
