Bankruptcy
Nov. 23, 2010
A City's Bankruptcy Redefines Municipal Solvency
The Vallejo bankruptcy redefines solvency law. By Franklin C. Adams of Best Best & Krieger and Robert Tormey of XRoads Solutions Group.
The bankruptcy of the city of Vallejo (In re City of Vallejo, Case No. 08-1244) has done much to redefine the key concept of solvency for a municipality. While many restructuring and other legal professionals are familiar with Chapter 11 proceedings and concepts, the filing of bankruptcy by a municipality falls under Chapter 9, and is rare enough that many professionals lack familiarity with the relevant concepts.
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