SDP did not declare bankruptcy, Act 46 was passed without the support of Philly representatives. Act 46 gave the state the power to unilaterally take over school districts by declaring them 'distressed'. Only Philly was targeted.

More to the point, the SRC was not a receivership because most receiverships end when the financial woes end. The SRC stuck around for ~two decades to implement an unpopular and unwanted program of school privatization that hasn't produced better results for either taxpayers or students (but it did weaken the teacher's union...).

You can disagree, but you can't call me disingenuous. Your analogy to a receivership is just wrong - it's a completely different thing.

Addl important context: the Philly school board was suing the state at the time for violating the civil rights of minority kids because state school funding to the city was so little. The SRC was imposed on Philly to counter the political and legal campaign for more state funding of poor school districts.