Southwest

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.

Oklahoma revenues for February ran 18% below projections as the state Legislature grapples with a budget gap of more than $900 million.

The Lamar Consolidated Independent School District near Houston has filed a disclosure notice about the case for investors in the district’s bonds.

The Texas Department of Transportation plans to offer $624 million of general obligation bonds bearing the state’s triple-A credit in April. The deal will be the largest from a Texas issuer so far this year.

Criticizing lawmakers for taking a piecemeal approach to capital projects, New Mexico Gov. Susana Martinez used her line-item veto to reduce a severance-tax bond package.

With revenue rising more than 28% in February, Arkansas is on track to a $35.9 million surplus by the end of the fiscal year, state officials said.

Oklahoma will use $78.5 million from its rainy day fund to operate public schools and prisons in the current fiscal year, Gov. Mary Fallin announced.

A bribery investigation of bond-funded projects in the Lamar Consolidated Independent School District has led to indictments of a construction manager, a school board member and a commissioner for the city of Richmond, Texas.

The cities of Midland and Odessa, Texas, are among 11 local issuers in the state’s oil producing region under review for downgrade from Moody’s Investors Service.

Under its new corporate structure, Hilltop Securities can picture itself atop the financial advisory ranks in the not-too-distant future, top executives say.