Could a Bankruptcy Court Cancel Chicago’s Hated Parking Meter Deal? – WP Original
By: Mark Glennon* A bankruptcy filing is the ugly inevitability for Chicago, we’ve said, but here’s one interesting, potential sweetener: Bankrupt municipalities have the option of cancelling most contracts and leases they don’t like, and that might include Chicago’s despised deal that privatized parking meters. Regardless, think of this as a lesson in one part of bankruptcy. Arcane bankruptcy topics like this, unfortunately, will be critical to the recovery of dozens of insolvent municipalities across Illinois that face bankruptcy. First, a little background on the deal, which was executed in 2008 and partially amended in 2013. In exchange for an