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Beware: Chapter 9 Is Not Just for Cities and Counties
With the recent filing of the Chapter 9 proceeding by the city of Detroit, public attention has been drawn to this little-known provision of the U.S. Bankruptcy Code. In the past, there is been limited attention paid outside of a small part of the bankruptcy community to cases involving the handful of cities and counties (mostly in California) that have utilized this reorganization process. However, as a result of recent natural disasters such as Superstorm Sandy, attorneys, bankruptcy and restructuring professionals and ordinary citizens throughout the country as well as bondholders, labor unions, pensioners and trade creditors may all need to become intimately familiar with this procedure.
What Is Chapter 9?
Chapter 9 deals with bankruptcies of municipalities. The Bankruptcy Code's definition of a municipality is not limited to cities and counties. The Code defines a “municipality” as any political subdivision, public agency or instrumentality of the state. Thus, a school district, a water and/or sewer district, a hospital district or any other instrumentality of a state that has the ability to tax may seek reorganization under Chapter 9 as needed. These public agencies and instrumentalities already face severe budgeting issues with the increase in wages, pension benefits and operational costs along with the unwillingness of politicians and voters to approve tax increases. When a natural disaster such as Superstorm Sandy, a hurricane, a blizzard, a tornado, an earthquake and the like affects the continuing revenue stream and expenses of such a government agency, circumstances are right for a “financial super storm” and the need for court intervention with a financial restructuring.
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