The Public Purse offers you serious thinking about economic, financial and political trends at the U.S. state and local level with a focus on municipal credit risk
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TAG | Chapter 9
Jun/09
20
The Next Municipal Bankruptcy?
0 Comments | Posted by thepublicpurse in bankruptcy and default
Prichard, Alabama, town of about 25,000, outside of Mobile, filed Chapter 9 bankruptcy in 1999 and finally exited in 2002. They look poised for a second round. Their issues seem similar to Vallejo, California – they cannot afford to continue paying their retiree pensions and could run out of money in the next month. We [...]