Bankruptcy

A judge sentenced Randy Miller to six years in prison and his son, Chad Miller, to five years. They had pleaded guilty to fraud stemming from a bond sale.

While victims' attorneys now signal support for the settlement, bond attorneys still oppose the plan.

The bankruptcy court told bondholders and other creditors they should vote on the proposed reorganization by Oct. 29.

The Westin Chicago Lombard's owner is returning to market with unrated bonds designed to cure payment defaults on debt issued to exit bankruptcy in 2018.

Aleon Metals, along with its subsidiaries, which sold more than $300 million of tax-exempt revenue bonds since 2019, filed Chapter 11 bankruptcies in August.

The federal government didn't have enough influence in the resulting haircuts to the COFINA bondholders for it to be liable for their losses, the court said.

Amid higher ed sector headwinds, financially challenged colleges and universities have options, although the choices may be difficult, Orrick attorneys write.

U.S. District Judge Laura Taylor Swain gave no indication at the hearing as to how she was leaning and said some issues might not be able to be resolved as a matter of law.

As long as the Oversight Board offers virtually nothing to many PREPA bondholders, the bankruptcy is likely to be tied up for years in litigation.

New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.