Bankruptcy
Nov. 15, 2011
A new path to municipal restructuring
For municipalities in trouble, filing for bankruptcy is no longer the only option. By Karol Denniston of Brownstein Hyatt Farber Schreck LLP
In the last three years, the financial crisis facing municipalities has grown exponentially. California faces a budget deficit of $28 billion and the lowest bond rating in the nation. As a result, municipalities are being asked to take on additional financial responsibilities in order to relieve the state from its financial obligations, despite the fact that municipalities themselves are facing declining revenues, increasing health care and pen...
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