May 23, 2022

Volume XII, Number 143

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May 23, 2022

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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

©1994-2022 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.National Law Review, Volume III, Number 3
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About this Author

William W. Kannel, Bankruptcy Attorney, Mintz Levin Law Firm, Bankruptcy & Restructuring Insolvency & Creditor Rights Litigation Directors & Officers Litigation Chapter 9 & Municipal Insolvency Litigation
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Bill is a nationally recognized bankruptcy attorney with extensive experience in corporate and municipal reorganizations and debt restructurings both in and out of court. He represents creditors and debtors across a wide range of industries throughout the country in all phases of distressed debt negotiations, bankruptcy litigation, and distressed asset acquisitions. Bill is also recognized as one of the leading attorneys in the nation for his work representing bond trustees and bondholders in Chapter 9 bankruptcies and other governmental and municipal insolvencies.

Bill is the chair...

617-348-1665
Adrienne Walker, Mintz Levin Law Firm, Boston, Finance and Bankruptcy Law Attorney
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Adrienne is a restructuring and commercial finance attorney with significant bankruptcy litigation experience and deep capabilities advancing creditors' rights and representing debt holders in Chapter 11 and Chapter 9 municipal bankruptcies. She skillfully handles bankruptcy matters and workouts in state and federal courts, often representing strategic trade creditors, official and ad-hoc committees, bondholders, debtors, lease parties, and trustees. Her commercial lending work involves advising borrowers on private equity and secured financing transactions. Adrienne...

617-348-1612
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