Detroit was the single largest municipal bankruptcy in the history of the United States. It was filed under Chapter 9 of the Bankruptcy Code, which provides a vehicle for financially-distressed government bodies to restructure their debts. Detroit provided groundbreaking precedent on a wide range of key issues in Chapter 9 municipal bankruptcies, including the restructuring of pension and bond obligations, managing collective bargain agreements, identifying creative sources of funding for the restructuring plan, and addressing public relations. With the successful conclusion of the Detroit bankruptcy, other municipalities may turn to Chapter 9 to remedy their financial issues.
In order to evaluate exposure to a potential Chapter 9 restructuring or identify opportunities for distressed investment in municipal obligations, every in-house counsel -- whether acting for governmental entities, corporations doing business with governmental entities, or distressed investment firms -- needs to understand the developing legal landscape of Chapter 9. Join BakerHostetler attorneys Marc Hirschfield and Ferve Ozturk as they discuss recent developments in Chapter 9.
I. Understand the Mechanics of Chapter 9
II. Analyze the Detroit Chapter 9 case and rulings on key issues in that Chapter 9 restructuring
III. Explore how precedent from Detroit will affect how Chapter 9 is used going forward
Ferve Ozturk has significant experience litigating and facilitating transactions in a wide range of matters in large-scale liquidations and restructurings. Her experience includes representing creditors in complex chapter 11 bankruptcy cases in industries such as retail, automotive, financial, and professional services.
Marc Hirschfield is an experienced practitioner in all aspects of insolvency and reorganization law. He regularly represents debtors, creditors' committees, debtor-in-possession lenders, and secured and unsecured creditors and acquirers of assets, in both out-of-court workouts and bankruptcy cases. His expertise extends beyond the United States to cross-border insolvency cases in various jurisdictions including Bermuda, the British Virgin Islands, Canada, and Australia.
Marc is a court-certified mediator and has been appointed to the Mediation Panels for the United States Bankruptcy Courts for the Southern and Eastern Districts of New York and the District of Delaware. He has been listed in Chambers USA: America's Leading Lawyers for Business in the area of Bankruptcy/Restructuring since 2010 and been recognized as a New York City Metropolitan Region "Super Lawyer" since 2011.
Though I will never practice in this area, a terrific historical overview involving not just the past but omens for present and future. Truly excellent.
I enjoyed this class, the comparison of chapter 9 vs 11 for municipalites was great. Also, comparing Detroit to other prior or pending bankruptcies was useful
Fine presentation by both.
Excellent discussion of Chapter 9
Very informative and well presented.
Very good substantive program, very good program materials.
Excellent program. Thank you!
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