Louisiana

Louisiana Gov. John Bel Edwards on Friday said that lawmakers should begin a special session on June 6 to continue work on the fiscal 2017 budget to avoid what he said are unnecessary cuts in important state services.

German Pellets Texas LLC and Texas Pellets Inc. filed petitions for Chapter 11 reorganization last month with $184.7 million of tax-exempt industrial development bonds outstanding.

Gov. John Bel Edwards, a Democrat, blasted a budget proposal by House Republicans to address a $600 million deficit by funding a college scholarship program at the expense of health care programs.

State budget conditions vary widely as of late fiscal 2016, with the overall picture getting better while states with less diversified economies face significant stress, Standard & Poor's said Wednesday.

It will take time to repair Louisiana’s structural budget imbalance but the state is committed to resolving its challenges, Gov. John Bel Edwards said at the National Municipal Bond Summit.

Louisiana’s fiscal problems require that the state alter how it prioritizes capital outlay projects, particularly those financed with state bonds, said Commissioner of Administration Jay Dardenne.

As Louisiana prepares to price $359.3 million of general obligation bonds next week for budget relief, headline risk associated with Illinois and Puerto Rico may factor into borrowing costs.

UMB Bank N.A., the bond trustee for Texas Pellets, accelerated the outstanding debt on $186.5 million of bonds due to a default at the company owned by German Pellets, which filed for insolvency in February.

A federal judge approved a $20 billion settlement with BP to resolve litigation brought by five Gulf coast states over the BP Deepwater Horizon oil spill.

Fitch Ratings downgraded Louisiana’s general obligation bonds by one notch to AA-minus on Tuesday as the troubled state prepares to refund debt as part of a deficit-reduction plan.