Municipal Restructuring and Insolvency Practice Named Top Practice Group

Daily Journal (California) | April.14.2012

The Daily Journal named the top five practice groups of 2011 in California and featured Orrick's Municipal Restructuring and Insolvency practice among the leaders. The accompanying article quotes San Francisco public finance partner John Knox and Sacramento restructuring partner Marc Levinson.

Vallejo is still struggling to rebuild, said John Knox and Marc A. Levinson, the partners who steered the city through bankruptcy proceedings. But they said filing for Chapter 9 – the section of bankruptcy code reserved for municipalities – has allowed the city to go forward on a sound fiscal footing.

"The property values are still down," Levinson said. "The revenues are still down. But now it has a balanced budget and union contracts it can afford to pay. And it's on its way up."