NEW YORK?(BUSINESS WIRE)?
Goodwin
Procter, a national Am Law 50 firm, today announced the launch of MuniBK,
a new blog focused on the growing issue of municipal bankruptcy. MuniBK
provides links to curated news content, analysis and commentary on
issues including municipal bankruptcy law, related public finance
developments, marketplace data and recent Chapter 9 filings by
California municipalities including Stockton, San Bernardino and Mammoth
Lakes as well as other cities across the United States.
The blog is intended to serve as a resource for the wide range of
stakeholders potentially impacted by the municipal financial crisis,
including government agencies, bondholders, unions, creditors, pension
funds, investment banks and insurers.
As municipalities face increasing financial pressure from the
combination of declining state and local revenues and escalating
operating costs and legacy pension obligations, many are considering use
of Chapter 9 of the Bankruptcy Code to provide fiscal relief. By
statute, protection under Chapter 9 is available not only to political
entities such as towns and counties, but also to public agencies, such
as school districts and municipal authorities, and to so-called
?instrumentalities of the state,? which could potentially include
public-private partnerships and other quasi-governmental entities
utilized in municipal finance transactions.
Among the topics to be examined in blog posts are:
- Eligibility under Chapter 9 and ongoing court cases related to
determination of eligibility in various legal venues. - Examination of the status and legal review of various challenges to
bankruptcy filings in Stockton, Calif., Harrisburg, Penn., and other
cities. - Developments related to the implementation of California?s AB 506
statute, designed to place additional restrictions on the ability of
California municipalities to file for Chapter 9 relief. - The impact of municipal bankruptcy on municipal securities markets and
on public finance alternatives.
?The once unthinkable prospect of municipal bankruptcy is now being
closely examined by many cities in the 29 states that authorize use of
Chapter 9,? said Manny
Grillo, partner and chair of Goodwin Procter?s Financial
Restructuring Practice. ?The potential impact, not only on
municipalities, but on unions, pension funds, bondholders and bond
insurers, as well as many other general unsecured creditors, is
significant and these groups need to understand how these filings could
affect their interests.?
?As the major ratings agencies have recently reported, at least 55 and
perhaps as many as 100 California cities have declared fiscal crises.
Yet, California remains the nation?s largest issuer of municipal debt,
accounting for almost 20 percent of the nation?s municipal bond volume,?
added Lewis
Feldman, partner and chair of Goodwin?s Public
Finance Practice and Los
Angeles office. ?The MuniBK blog will cover the intersecting issues
of public finance, restructurings and Chapter 9 to aggregate information
and developments from here in California and around the country, and
share Goodwin?s analysis of legal and business developments as they
occur.?
Blog contributors will include attorneys from Goodwin Procter?s Corporate,
Financial
Restructuring, and Real
Estate, REITs Real Estate Capital Markets practices as well as
leading academics, policymakers and financiers. The MuniBK Blog is
available at http://blog.munibk.com/.
About Goodwin Procter
Goodwin Procter LLP is a leading Global 100 law firm, with offices in
Boston, Hong Kong, London, Los Angeles, New York, San Diego, San
Francisco, Silicon Valley and Washington, D.C. The firm provides
corporate law and litigation services, with a focus on matters involving
real estate, REITs and real estate capital markets; private equity;
technology companies; financial services; intellectual property;
products liability and mass torts; and securities litigation and white
collar defense. Information may be found at www.goodwinprocter.com.
Follow us on Twitter @GoodwinProcter.
Goodwin Procter LLP
Lee Feldman, 212-459-7265
203-803-9787 (cell)
leefeldman@goodwinprocter.com
Article source: http://finance.yahoo.com/news/goodwin-procter-launches-munibk-municipal-144500777.html
Source: http://blogpong.com/goodwin-procter-launches-munibk-municipal-bankruptcy-blog/
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