Relevant:
- Illinois Doesn't Pay Bills; Crisis Pushes Businesses to Edge of Bankruptcy
- Driver's License Facility, State Lawmakers Face Eviction Over Nonpayment of Bills by State of Illinois
- Illinois Governor Wants to Borrow $15 Billion to "Balance" the Budget; Illinois Total Unfunded Liabilities Exceed $200 Billion Already
- Vallejo, California City Officials Vote to File for Bankruptcy
- Governor Quinn Holds Illinois Cities Hostage Over Budget Proposal; Cities Face Massive Cash Crunch
2010-01-18 — chicagobusiness.com
"While it appears unlikely or even impossible for a state to hide out from creditors in Bankruptcy Court, Illinois appears to meet classic definitions of insolvency: Its liabilities far exceed its assets, and it's not generating enough cash to pay its bills. Private companies in similar circumstances often shut down or file for bankruptcy protection."
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