First Rehab, Then Refund

Saskal, Rich
March 2005
Bond Buyer;3/18/2005, Vol. 351 Issue 32093, p1
Trade Publication
This article reports that Orange County, California, has largely rehabilitated its financial reputation, officials there are looking forward to the chance to refinance the bankruptcy recovery bonds it sold as a distressed issuer after its 1994 bankruptcy. Orange County filed for Chapter 9 bankruptcy in December 1994 after its investment pool recorded $1.6 billion in losses when rising interest rates unraveled the investment strategy of then-treasurer Robert Citron, who had pursued high yields with leveraged interest rate bets.


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