Bankruptcy

Former Ohio Deputy Treasurer and Chicago Comptroller Amer Ahmad was been extradited to the United States from Pakistan to serve a 15-year prison term for his role in a kickback scandal involving state investment business at the Ohio treasurer's office.

Hillview, Ky., filed for bankruptcy to stop interest accruing on an $11.4 million adverse judgment and will pay its $3.2 million of bond debt, said City Attorney Tammy Baker.

The 60 Plus Association announced on Thursday that it is forming a coalition of small holders of Puerto Rico bonds that will push for the creation of a financial control board and oppose bankruptcy legislation for the territory.

Officials at Portland, Ore.'s Metro want to complete the bond financing of a long-delayed hotel adjacent to its convention center after a recent major courtroom victory.

New Jersey's long track record of "strong state oversight" has thus far helped avoid struggling Atlantic City from filing for bankruptcy, according to a new report from Pew Charitable Trusts.

A U.S. district court judge has scheduled a trial for late summer of next year in the Securities and Exchange Commission case against the city of Miami and Michael Boudreaux, the city's former budget director.

A federal judge this week sided with Ohio when he dismissed a lawsuit challenging the use of Ohio Turnpike toll revenue to fund projects that aren't on the turnpike itself.

A Chapter 9 filing by the Chicago Public Schools could push the distressed district into a financial "death spiral," the district's former chief executive officer Paul Vallas said Tuesday.

Three federal appeals court judges dismissed a challenge Tuesday to the Securities and Exchange Commission's pay-to-play rule for investment advisors that has similarities to the Municipal Securities Rulemaking Board's own pay-to-play rule for broker-dealers.

New Jersey's bid to legalize sports betting has once again been shot down by a federal appellate court.

Nanticoke is the first city and 10th municipality to exit Pennsylvania's Act 47 workout program for distressed communities, state officials say.

Fitch Ratings removed Wayne County, Michigan's speculative grade rating of B from its Rating Watch Negative in recognition of the city's improved fiscal prospects under a proposed state consent agreement.

The U.S. Supreme Court is unlikely to take up the Commonwealth of Puerto Rico's recent request to consider a twice rejected law that would give Puerto Rican public entities debt relief similar to that under Chapter 9 bankruptcy, according to several bankruptcy experts.

San Jose, Calif.’s pension settlement with the city’s police and firefighters is evidence that reducing pension liabilities will be challenging for local governments, Fitch Ratings said in a commentary.

Hillview, Ky, filed for Chapter 9 bankruptcy on Thursday listing its largest debt as an $11.4 million judgment for breach of contract; it also has $3.2 million of bond debt.

Detroit's finance director had no complaints Thursday about the steep premium the city paid to access the municipal market for the first time since exiting Chapter 9.

Michigan is putting the word out to struggling municipalities that a $5 million grant program is available to help fund special projects that could help free up tax revenue for key services.

Detroit will price its first post-bankruptcy borrowing Wednesday after a full-court press on investors that emphasized state backstops that won the deal an A rating.

The Chapter 11 bankruptcy filing of Clayton County, Ga.'s only hospital is a favorable credit factor for the county, according to Moody's Investors Service.

Car rental taxes collected for stadium bonds must be refunded after their use was found to violate the Arizona constitution, a Maricopa County Superior Court Judge Christopher Whitten has ruled.