Bankruptcy
May 8, 2012
Mammoth Lakes provides a lesson in rationality
The AB506 process can increase returns to all parties by reducing restructuring costs and eliminating or reducing the costs of bankruptcy. By Karol Denniston of Schiff Hardin LLP
There has been a lot of comment and concern over what is going on in Mammoth Lakes and whether AB506 needs "teeth." AB506 is new the statute that requires neutral evaluation before a bankruptcy filing, unless the municipality has declared a "fiscal emergency." There has been even more commentary on whether California is going to see an increasing number of Chapter 9 bankruptcy filings. So where is it all going for municipali...
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