Muni Bankruptcy Threat Makes Michigan Train Financial SWAT Teams
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Michigan is giving hundreds of financial professionals and public employees a crash course in advising troubled municipalities, building an army of emergency managers that may become a model for other U.S. states.
As many as 400 accountants, lawyers, school employees and city workers will start classes in Lansing today on topics including “Dealing with the Unionized Workforce,” navigating municipal bankruptcy and negotiating contracts for sewer, water and other utilities. It’s a “rare” example of preparing people in advance for potential fiscal difficulties, said Michael Imber, a principal in Grant Thornton LLP’s corporate advisory and restructuring services group.