Kentucky Town Is First to File for Bankruptcy After Detroit
Why a Kentucky Town Is Filing for Bankruptcy
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Hillview, Kentucky, population 8,000, found a way to put itself on the map.
The town 13 miles south of Louisville on Thursday became the first city to file for bankruptcy since Detroit did two years ago. It joins an elite, if infamous, club: Only 54 cities, towns and counties have sought court protection from their creditors since 1980, said James Spiotto, managing director at Chapman Strategic Advisors, which advises on financial restructuring. Among them were San Bernardino, California, and Jefferson County, Alabama.