New in the ABI Bookstore Municipalities in Peril The ABI Guide to Chapter 9
Contact: John Hartgen
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 [email protected]. The 130-page softbound 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. http://www.abiworld.org/abistore.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 12,400 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.