Default and Bankruptcy in the New Political Landscape

Anne Van Praagh, Marc Levinson, Michael H. Goldstein, Leon R. Barson and Stanley McGuffin

Municipal Finance Journal, 2012, vol. 32, issue 4, 81 - 100

Abstract: The year 2010 was marked by widespread credit stress, with an increase in “near misses” and technical defaults but only a few rated defaults, despite predictions by some of a spate of defaults. This panel explores when a municipality may file for bankruptcy but not be in default, and when a municipality may default but not declare bankruptcy. It considers the Sierra Kings Healthcare District court ruling and its implications for bonds secured by special tax pledges and statutory liens, as well as the impact of Vallejo’s plans to exit bankruptcy in 2011, including payments and possible concessions to bondholders and other creditors.

Date: 2012
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