We formed our Municipal Bankruptcy and Insolvency team to address the many interconnected problems created by the specter of municipal bankruptcy and insolvency and to enhance its services to the many constituencies affected by these problems.
Municipalities and other governmental entities at all levels face severe financial pressures and complex legal issues.
Declining tax and fee revenues caused by the economic downturn on one side and a host of operating expenses, employee and retiree benefit liabilities, coupled with large debt obligations on the other side have combined to present extraordinary challenges.
In addition, budget reductions at one level of government ripple through to other levels.
Our Municipal Bankruptcy and Insolvency team is a multidisciplinary group of experienced lawyers, designed to serve the various needs of the many parties affected by these problems, including:
- Municipalities and other issuers with existing debt obligations and those issuing new debt,
- Trustees under indentures for municipal debt,
- Underwriters or insurers of municipal debt,
- Borrowers that have accessed municipal debt to finance projects,
- Creditors holding municipal debt in or near default,
- Private participants in public financings structured as leases, loans on other relationships,
- Special-purpose entities (e.g., municipal utility districts, authorities, public nonprofit corporations) and
- Commercial entities and others doing business with municipalities
- Five partners in our Bankruptcy and Insolvency Team are members of the prestigious American College of Bankruptcy.
- Chambers USA Guide 2010 and Chambers Global Guide 2011 have listed the firm as a leading legal practice in the U.S. for bankruptcy.
- One partner in our Bankruptcy and Insolvency Team is a former bankruptcy judge with judicial experience in chapter 9 cases.
- One of our Bankruptcy and Insolvency Team partners is involved in a project of the National Association of Bond Lawyers for preparation of a Chapter 9 Primer for the NABL.