Louisiana

The Louisiana State Bond Commission approved a $600 million general obligation refunding Thursday that will delay $81.6 million in bond payments this fiscal year and $30 million in fiscal 2017.

In a financial mess that spans the Atlantic, Louisiana affiliates of a German wood pellet processing firm filed for Chapter 11 bankruptcy, potentially leaving bond investors on the hook for a project poised to receive millions in state incentives.

Louisiana selected underwriters Tuesday for a general obligation refunding of up to $600 million to patch a portion of the state’s massive deficit.

Louisiana-based Adam and Reese LLP has promoted partner Tracy Averett Morganti to head the firm's public finance team.

After a special three-week session ended, Louisiana legislators remained $30 million shy of closing the current-year deficit and $800 million short for fiscal 2017.

Local and state government leaders are tapping sales taxes for new revenue to help close budget gaps, pay for infrastructure, fund pension liabilities, and finance basics such as teachers’ raises.

Louisiana Gov. John Bel Edwards said Monday that lawmakers had failed to make the budget cuts to close this year’s deficit.

A divided Louisiana Legislature has balked at some measures aimed at pulling the state out of a $940 million current-year deficit.

Moody's Investors Service downgraded Louisiana’s credit ratings by one notch, impacting $7.3 billion of debt; the state’s general obligation bonds were dropped to Aa3 from Aa2 amid the state’s fiscal crisis.

In the Southeast, pent-up need for capital and low interest rates translated into a five-year high for bond issuance in 2015.