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Article: Desert Hot Springs, Calif., Bankruptcy May Halt Creditors, Aid Developers.
- Article from:
- Revista de Historia de América
- Article date:
- January 14, 2002
CopyrightCOPYRIGHT 2002 The Business Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Waters Jr.
Jan. 14--The Dec. 19 bankruptcy filing by the city of Desert Hot Springs could have an unintended fringe benefit: a building boom in the Coachella Valley's city on the hill.
"There are about a dozen projects that have been waiting for this issue to get resolved for a long time," said Ed Kibbey, president of the Building Industry Association office in Palm Desert. "If the court permits the Chapter 9 (filing), the city will be able to work out a settlement with its creditors and lenders will begin to release their funding."
"Lenders will not risk millions on projects in cities that might not be able to pay for services, or ...