The latest round of law firm billings connected to the Lehman Brothers bankruptcy have come and gone, once again with much hullaballoo, while the legal costs tied to the Chapter 11 cases of what’s left of Chrysler and General Motors also continue to creep upward, though at a much slower rate.
Despite the hefty fees charged by top-notch restructuring counsel, even some cash-poor municipalities are seeking to bring their mounting debt under control with the aid of outside lawyers. The City of Harrisburg, Pa., for instance, hired Bracewell & Giuliani this week as part of a financial advisory team meant to help Pennsylvania’s capital shed a heavy debt load caused in part by a troublesome municipal incinerator that’s $300 million in the red.
“This city faces challenges that confront municipalities across the country,” Bracewell financial restructuring partner Kurt Mayr said in a statement. “Our team will bring all its resources to bear to achieve the correct comprehensive solution that will stand as a model for others.”
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