• 57 minutes

Treatment of Distressed Municipal Debt


The treatment of a corporate or municipal debtor’s debt depends on debtor and creditor constituencies’ negotiations and the bankruptcy plan process.

Before any discussions with respect to restructuring a bond issuance, it is imperative that all sides review and understand the underlying debt documents and collateral and understand any rights and remedies permitted under state law. If all parties are willing to agree, an out-of-court restructuring may be the first course of action. Parties should consider whether a court should sanction the settlement. If an out-of-court restructuring fails or is unavailable, bondholders could pursue state law remedies which would depend on the laws of the particular state in which the default occurred. This video reviews state law remedies and federal securities law, and provides an overview of the Chapter 9 process.

Runtime: 56 minutes



Laura E. Appleby

Laura E. Appleby

Chapman and Cutler LLP

  • Partner in Chapman and Cutler LLP's Bankruptcy and Restructuring Group
  • Represents financial institutions, bondholders, hedge funds, and other creditors in complex bankruptcy proceedings, out-of-court restructurings, and distressed transactions involving not-for-profit entities as well as municipalities
  • Provides advice in connection with potential bankruptcy implications in municipal bond offerings
  • Regularly counsels clients with respect to issues surrounding municipal distress and insolvency, including relating to cities, states and U.S. territories, as well as health care and other special municipal districts; her experience includes the representation of creditors in high-profile Chapter 9 matters
  • Presents on various bankruptcy topics, including with respect to municipal restructuring; co-wrote the book Municipalities in Distress? How States and Investors Deal with Local Government Financial Emergencies, for which the second edition was released in 2016
  • Prior to attending law school, she was a legislative assistant to a U.S. Senator, and advised on issues including agriculture policy and energy policy
  • J.D. degree, University of Michigan Law School; B.S. degree, University of Illinois at Urbana-Champaign

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