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News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
Bankruptcy is a better solution than the two alternatives: (1) defaults, which are violations of debt obligations outside of the bankruptcy process, and (2) bailouts by the federal government. [7] Public choice theory suggest that politicians are often incentivized or biased towards immediate borrowing and spending. [ 10 ]
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...
One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.
Vintage Wine Estates, one of the largest wine conglomerates in America, filed for bankruptcy and plans mass layoffs. Owner of Laetitia Vineyards is going bankrupt. What does that mean for SLO ...
Several days before it filed for bankruptcy, Rubio’s closed 48 underperforming restaurants in California. In August, Rubio’s agreed to a sale to an affiliate of TREW Capital, one of its lenders.
CalPERS (California state pension fund) held about $67 million in bonds to the bank, or less than two percent of one percent of total investments, as of June 2022. [34] On March 13, shares of similar regional banks, including First Republic Bank, Western Alliance Bancorporation, and PacWest Bancorp plummeted. [133] [134]
California’s June unemployment rate was 4.2%, historically low but still above the nation’s 3.6% average and the 10th highest rate in the nation.