may seek protection under the Federal Bankruptcy Code, using a special section directed to governments
Explanation:
United States municipalities, just like business and individuals, can seek federal bankruptcy protection when they establish the fact that they are financially distressed. A similar incidence took place in 2012, when the Eastman Kodak Company filed for bankruptcy because their products were no longer living up to the satisfaction of their clients and the consequent decline in revenues. The 131-year-old film pioneer struggled for years to adapt to an increasingly digital world.
