I hope the answer is no, but
one Washington education pundit is predicting that at least one large school system will declare bankruptcy in 2011. The theory is that states might create incentives for school systems to go into "restructuring" like GM in order to renegotiate labor contracts and other obligations.
If it works, he writes, look for the "idea to spread like wildfire."
But if this does happen, will it change how the rating agencies view the stability of districts in general? Time to make sure your financial house is in order.