Does the Municipal Market Need to Forget Everything It Thought It Knew About Chapter 9 Bankruptcy?

Ty Schoback, Elizabeth L. Perris, Bruce Bennett and Jeffrey E. Bjork

Municipal Finance Journal, 2015, vol. 36, issue 3, 1 - 24

Abstract: Did the Detroit and Stockton confirmations lay bare the limits of indenture security provisions in the face of political pressures? What are the limitations of a federal judge imposing the court’s will on a municipality’s treatment of creditors? Pensioners vs. capital market creditors—how do other postemployment benefits fit into the equation? How is a restructuring attorney going to advise a distressed municipality? Will future municipal bankruptcies more closely resemble corporate bankruptcies, with settlements as the norm? If so, how should municipal analysts alter their thinking with respect to distressed governments?

Date: 2015
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