Part IX of James Spiotto's Fiscal Distress Myths and Realities focuses on solving fiscal distress through economic development and infrastructure Myth: There is Little or Nothing Financially Distressed States and Local Governments Can Do to Improve or Turn Around...
fiscal distress
Fiscal Distress Myths and Realities Part VIII: State Oversight and Assistance to Prevent Defaults
Part VIII of James Spiotto’s Series on Fiscal Distress Myths & Realities: Is Effective State Oversight and Assistance Available to Prevent Defaults or Aid a Financially Troubled Municipality? Myth: If a Municipality Cannot Cure or Resolve a Default, There...
Fiscal Distress Myths and Realities Part III: Government Defaults Have Consequences
Part III of James Spiotto’s Series on Fiscal Distress Myths and Realities: Access and the Cost of Borrowing is a Reflection of the Perceived Risk of the Government Credit Fiscal Distress Myths and Realities Part I: Default Rate Fiscal Distress...
Fiscal Distress Myths and Realities Part I: Default Rate for State and Local Government Debt
Part I of James Spiotto's Series on Fiscal Distress Myths and Realities: Default Rate for State and Local Government Debt Has Been Relatively Low Especially When Compared to Corporate Debt Default Myth: There is no difference between the default rate...
Is Chapter 9 the Best Resolution Mechanism for Financially Distressed Schools or Are There Better Alternatives? – PART TWO
STATE MONITORING, OVERSIGHT, INTERVENTION, REFINANCING AND, IF NECESSARY, DISSOLUTION OF FINANCIALLY DISTRESSED SCHOOL DISTRICT by James E. Spiotto* This is Part Two of the two part series on the alternatives available to a financially distressed school...
Written Statement of James E. Spiotto to the U.S. Senate Judiciary Committee
By James Spiotto United States Senate Committee on the Judiciary Hearing on Puerto Rico’s Fiscal Problems: Examining the Source and Exploring the Solution Is Chapter 9 Bankruptcy the Ultimate Remedy for Financially Distressed Territories and Sovereigns Such as Puerto...
Congress’s Role in Saving Puerto Rico from Financial Meltdown and Imminent Bankruptcy
by James Spiotto On December 1, 2015, the United States Senate Committee on the Judiciary held a hearing on whether and how best to assist Puerto Rico and its related municipalities and public corporations now facing severe financial challenges and economic distress....
Chapter 9 and Alternatives – Part Three: Competing Interests in Chapter 9 and Bondholders’ Rights
by James Spiotto Chapter 9 is generally viewed as the remedy of last resort for troubled municipalities. If permitted by its state law, a municipality typically does not seek Chapter 9 relief unless it is in extreme financial distress with no obvious solution. Among...
Chapter 9 and Alternatives – Part Two: State Programs to Assist Municipalities in Times of Fiscal Crisis
by James Spiotto As discussed below, over half of states have implemented municipal debt supervision or restructuring mechanisms to aid municipalities. These programs, many of which are identified in the table below and which are described in detail in Municipalities...
Chapter 9 and Alternatives – Part One: Lessons Learned: An Update on the Municipal Bankruptcy Experience
by James Spiotto The state legislatures, in considering how best to assist local governments facing financial challenges or economic distress, may find instructive how other states have addressed these problems and the alternatives and opportunities available in the...