This is a follow-up to the earlier post on October 14 about Prichard, Alabama when the city failed to make the October payment to their retirees. According to the Press-Register city leaders do not expect to pay November either. To protect themselves from the… Continue Reading →
The check is not in the mail. Prichard, Alabama, came out of Chapter 9 bankruptcy in 2002 and promised to make deposits into its public pension fund. They didn’t and now they are simply out of money. Retirees did not… Continue Reading →
At this point in the meltdown timeline, municipal bond defaults have not yet occurred in the traditional sectors we think about such as cities, towns, states, utility systems and school districts. The few notable exceptions include Vallejo, California, currently working… Continue Reading →
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… Continue Reading →
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