Furious teachers at a recently shuttered Detroit charter school were notified Wednesday that they won't be paid thousands of dollars they earned during the last school year.
"Last Friday, Matchbook Learning became aware that the holders of MTA's outstanding bond debt are refusing to allow use of funds for any summer payroll and instead, are requiring that any available funds be used toward payment of the bond debt," Matchbook's CEO Sajan George told teachers in the email. "We are disappointed and deeply saddened by this development because this means funds will not be there for July or August payroll."
Source Chalkbeat
(Score: 0) by Anonymous Coward on Saturday July 29 2017, @12:47AM
NB If the business going bankrupt is a bank the counterparties of credit default swaps come ahead of bondholders.