Practice Areas & Industries: Edwards Wildman Palmer LLP


Municipal Insolvency and Chapter 9 Bankruptcy Return to Practice Areas & Industries

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Edwards Wildman formed its Municipal Insolvency and Chapter 9 Bankruptcy Group after serving as co-counsel in the successful and nationally lauded Chapter 9 proceeding in the City of Central Falls, Rhode Island. This is a multidisciplinary group comprised of lawyers from our Public Finance, Restructuring & Insolvency, Employee Benefits, Litigation and Healthcare Departments. Our lawyers provide advice regarding strategies to resolve municipal financial distress, including state intervention, negotiations with stakeholders such as retirees and, if necessary, chapter 9 municipal bankruptcy. Our lawyers have unique experience and collaborative cross-departmental approach related to the finances of distressed communities and in proceedings under Chapter 9 of the United States Bankruptcy Code. We have developed creative financing structures involving monetization of assets, working capital financings and tax increment financings.

Edwards Wildman lawyers advised the State of Rhode Island in developing an “Act Relating to Cities and Towns – Providing Financial Stability” to provide a graduated system of increasing levels of State support for financially distressed communities. Another example of our work with distressed municipalities includes the 1991 Chelsea, Massachusetts receivership. Our problem solving approach resulted in the enactment of nationally recognized legislation providing a statutory lien for general obligation bonds of cities and towns which provides security for bondholders in the context of a Chapter 9 proceeding. Our unique experience equips us to provide excellent service to state administrations, municipalities, bondholders, bond insurers, financial institutions in private placements, bond trustees, and secured and unsecured creditors.

Articles Authored by Lawyers at this office:

Solvency II: Why the UK's Prudential Regulation Authority Must Show More Humility
Chris Finney, August 13, 2013
By 19 April 2013, Andrew Tyrie, Chair of the UK’s Parliamentary Commission on Banking Standards and the UK Treasury Committee, had sent two letters to Andrew Bailey, a deputy governor of the Bank of England and CEO of the Prudential Regulatory Authority (PRA), and Bailey had sent two back.