Since Detroit filed its Chapter 9 petition in 2013, no other major municipality has filed for such relief. But as the country and its innumerable municipalities face potentially unprecedented and devastating losses in revenue due to the COVID-19 pandemic, that trend is likely to be reversed with local jurisdictions turning to Chapter 9 as a means of adjusting their debts.
Join us for a primer on Chapter 9 municipal bankruptcies that will cover what to expect, from issues relating to eligibility in the first instance, the rights and obligations of municipal debtors, the extent of court authority versus municipal authority, and how creditors and bondholders can best protect their interests, including navigating the tension between pensioner rights and bondholder rights. We will touch on the differences across the country and how Puerto Rico’s restructuring within a Chapter 9 framework has and will continue to impact municipal bankruptcies going forward. The discussion will be lead principally by Sam Kohn, recognized as a premier municipal insolvency practitioner, having been involved in virtually every major municipal restructuring in recent memory, both in and out of court.
Presenters:
Samuel S. Kohn, Partner, Dorsey & Whitney LLP
Rachel P. Stoian, Associate, Dorsey & Whitney LLP
Click here to view the materials from the webinar.
**NOTE: Watching this recording does not allow the user to obtain CLE, CPD, CPE or HR credits.