When a Michigan metropolitan city filed the largest municipal bankruptcy in history, the Phoenix team developed a standard for establishing Feasibility in the context of Chapter 9.
A Major Metropolitan City in Michigan and the county seat of the state’s most populous county.
A Michigan metropolitan city filed the largest municipal bankruptcy in history. In order to confirm the Plan of Adjustment, the Judge needed to make a finding that the plan was feasible. An accepted feasibility standard had not been developed and the Judge sought an expert to assist in developing the standard and determining whether the City’s plan was feasible.
Phoenix professionals were engaged by the U.S. Bankruptcy Court to provide expert opinion and supporting analysis regarding the feasibility of the Plan of Adjustment being proffered by the City. A team of 6 Phoenix professionals worked with virtually all of the City’s constituencies in order to understand the plan and provide expert guidance to the Court in its efforts to resolve the bankruptcy. Because no uniform standard previously existed, the Phoenix team developed a standard for establishing Feasibility in the context of Chapter 9; this standard has been adopted by the Court.
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