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City of Chester’s Water Fight
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, July 25. In today's briefing, the bankrupt city of Chester in Pennsylvania is locked in a high-stakes dispute over its water system, as a state-appointed receiver pushes for a public sale to avoid rate hikes, retirees sue to open bids to private buyers and the local water authority opposing any sale at all.
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The Benjamin Franklin bridge over the Delaware River near Philadelphia. Chester is located southwest of Philadelphia on the Delaware. Photo: juan mabromata/Agence France-Presse/Getty Images
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Bankrupt City of Chester Fights Over a Prized Asset: Its Water
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The bankrupt city of Chester in Pennsylvania is embroiled in a fierce battle over one of its most valuable assets—the city’s over 150-year-old water system that pits residents against retirees.
Chester filed for chapter 9 bankruptcy in 2022, but has struggled to chart a path back to solvency amid disagreements over what to do with its water utility, which serves roughly 200,000 people in the city and surrounding areas.
The state-appointed receiver running the city’s finances wants to sell the Chester Water Authority to another public entity, raising cash to cover Chester’s crushing pension debts. Retired city workers favor a sale to the highest bidder, likely a private company. And the Chester Water Authority is resisting any sale.
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The Wall Street Craze Jamie Dimon Can’t Resist. Even If It Blows Up.
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Jamie Dimon, the cautious head of JPMorgan Chase, has consistently warned that private credit, the hottest trend on Wall Street, could trigger a financial blowup. So why is America’s biggest bank pouring money into it? WSJ’s Alexander Saeedy explains JPMorgan’s strategy and why you should care. Annie Minoff hosts.
Further Listening:
- JP Morgan CEO Jamie Dimon on What’s Next for the Economy
- Is the Economy… OK?
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Lazard Raises Minimum Deal Fee, Hires 14 MDs In Productivity Push
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Lazard has increased the minimum fee for its investment bankers and hired 14 top dealmakers so far this year as the independent firm looks to ramp up productivity after a record jump in advisory revenue.
The investment bank brought in $497 million in the second quarter, which was up 21%. The increase in revenue is larger than many of its bigger rivals, as U.S. government policy over tariffs saw many deals iced over the past three months.
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“We are now running slightly above 40% of our advisory revenue coming from private capital."
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— Lazard chief executive Peter Orszag
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Some lenders to United Site Services are getting legal advice from Akin Gump Strauss Hauer & Feld less than a year after the portable toilet-rental company inked a debt restructuring, according to people with knowledge of the situation. (Bloomberg)
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