Bankruptcy

Puerto Rico's financial oversight board is seeking to reopen a confirmation hearing on a debt-restructuring plan for the island's power utility after an appeals court last week ruled that bondholders have a claim to the agency's future net revenue.

Enviva's $353 million in tax-exempt bonds currently are among the liabilities at stake in the company's Chapter 11 bankruptcy.

The bankruptcy of Iowa City's Mercy Hospital is closer to an end with the resolution of a dispute between unsecured creditors and the trustee and bondholder.

There is no timetable for rulings in bankruptcy case or appeal of lien rulings, which could lead to months of additional work on a new payment plan.

The Chapter 11 case for Harvest Gold Silica follows two other bankruptcy filings over the last year by entities that sold bonds through the Arizona Industrial Development Authority.

After two auctions, Mercy Hospital, a nonprofit hospital in Iowa City, was sold, but bondholders' recovery will hinge on the Chapter 11 liquidation process.

Bonds sold through conduit debt issuer Arizona Industrial Development Authority are involved in Chapter 11 bankruptcies filed over the last year.

Bond parties say several parts of the original trust agreement support their lien on the authority's revenues.

The county plans to sell $2.5 billion of tax-exempt sewer revenue warrants to refund the debt issued to finance its 2013 exit from Chapter 9 bankruptcy.

SIFMA, which also filed a brief, said the District Court judge's rejection of a bondholder lien on PREPA's revenues "grossly misreads the underlying bond documents."

Court-approved asset sales and bond exchanges are pushing a participant sports venue, a hospital, and a senior living community closer to exiting Chapter 11.

Owners of $284 million of defaulted bonds will get only $2.4 million in cash, along with a minority equity stake in Legacy Park's new owner.

The bankrupt city challenged pledged revenues for 2017 bonds, but the bankruptcy court said the lien was secured, at least until the Chapter 9 was filed.

A U.S. Bankruptcy Court hearing Monday will take up the university's winning bid for Mercy Hospital at last week's reopened auction.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

Legacy Cares, which filed for bankruptcy in May, is trying to sell Legacy Park, which was financed with now-defaulted bonds issued in 2020 and 2021.

Bond trustee UMB Bank informed owners of the defaulted debt they may have actionable claims related to the bonds' sale.

Trinity Regional Hospital Sachse filed for Chapter 11 bankruptcy after problems left it unable to pay municipal bond debt service or cover operating expenses.

The 32-bed Trinity Regional Hospital Sachse opened in 2021 and was funded through municipal bonds sold through the Wisconsin-based Public Finance Authority.