Mammoth Lakes, Calif., on Tuesday filed for Chapter 9, or municipal bankruptcy, less than a week after nearby Stockton, Calif., sought the same protection. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
Fletcher International Ltd., a hedge fund managed by Alphonse “Buddy” Fletcher Jr.’s investment firm, filed for bankruptcy, The Wall Street Journal reports.
According to WSJ, Mammoth Lakes hopes to leave bankruptcy by the end of the year.
The Associated Press reports that Countrywide Financial Corp. made discount loans to gain influence with members of Congress, top government officials and others.