November 24, 2015

November 24, 2015

November 23, 2015

Michigan Emergency Manager Bill Signed Into Law

This is a follow up to our recent blog post discussing then pending Michigan legislation known as the “Local Financial Stability and Choice Act” or Public Act 436 (the “Financial Stability Act”), which will replace Public Act 72 and overhaul Michigan’s emergency manager law.  On December 27, 2012, Michigan Gov. Rick Snyder signed the Financial Stability Act into law.   As described in the prior post, the Financial Stability Act requires that a local government experiencing a financial emergency select one of the following options to address such emergency:

a)     Consent agreement;

b)     Emergency manager;

c)      Neutral evaluation process (i.e., mediation with creditors); or

d)     Chapter 9 bankruptcy.

The Financial Stability Act will not become effective until March 28, 2013.   Until that time, Public Act 72 remains in effect

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About this Author

William W. Kannel, Bankruptcy Attorney, Mintz Levin Law Firm

Bill’s practice focuses primarily on commercial law, workouts, and corporate reorganization. He has represented various institutional lenders, indenture trustees, bondholders, and other creditors, debtors, and trustees in all manner of insolvency proceedings in courts throughout the United States.

His industry experience encompasses municipalities, airlines, hospitals and other health care facilities, retail, telecom, energy and clean tech, waste disposal, military housing, hotels, and educational institutions.

He has substantial experience in all phases of bankruptcy...

Adrienne Walker, Bankruptcy, corporate debtors, Attorney, Mintz Levin, Law firm
Of Counsel

Adrienne has significant experience in workouts, restructuring, and bankruptcy matters. She represents corporate debtors, secured and unsecured creditors, lessors and lessees, and trustees in federal, state, and out-of-court restructurings. Her clients represent a variety of industries, including retail, textile manufacturers, biopharmaceutical, computer software, aviation, jewelry, and automotive.

She is also experienced in creditors' rights, commercial litigation, and commercial arbitration. Adrienne’s recent experience includes successfully counseling corporate debtors as they navigate the complexities of Chapter 11, often in connection with a Section 363 sale of the client’s business. In addition, she routinely represents secured creditors and derivative contract parties in maximizing return on their agreements.