Mammoth Lakes Hopes To Ink Settlement This Month, But Chapter 9 Case Isn’t Over Just Yet

September 6, 2012 – In The News
The Town of Mammoth Lakes, which recently announced a settlement with its largest creditor, is currently drafting an agreement with hopes of having it signed and sealed within the month, said Marianna Marysheva-Martinez, assistant town manager. But the town still hasn’t gotten its bankruptcy case dismissed, and won’t make a decision about how to proceed until the deal is set in stone.

Should the agreement be finalized, the Chapter 9 debtor would have two options: go forward with a plan of adjustment or dismiss the case, said Michael Sweet, partner in the financial restructuring and bankruptcy department in San Francisco.

Sweet told Debtwire, “the determinative factor would be whether or not there are other issues lingering. From what I’ve read there aren’t. It’s fair to say if there were other problems lingering, we would know about it by now.”