Bankruptcy

Having earnestly settled with every major constituency, it is time for the Board to do the right thing by abandoning unnecessary pension cuts and freezes.

Lawyers for the commonwealth warned that Puerto Rico’s legislature will not pass the legislation for new bonds needed by the plan of adjustment if the plan cuts pensions.

The Oversight Board struck a deal with the main group of the territory’s unsecured creditors, easing the path to final court approval of a debt restructuring.

Board says all the objections to disclosure statements are without legal merit or should be addressed at the plan of adjustment confirmation.

Final payouts are approaching for $170 million of defaulted BHF bonds with haircuts ranging from less than 10% to more than 50%.

S&P cut Energy Harbor Corp.'s issuer credit rating to junk due to the subsidy repeal, but affirmed $400 million of bonds at the low investment grade level of BBB-minus.

The proposed sale has dual benefits: Trinity gets to shed the facility outside of bankruptcy and the facility would remain open quieting local critics.

Even though the report has been publicly available for more than two years, the Oversight Board is still asked the perennial question: Why didn't we audit the debt? We did.

Brazos Electric Power Cooperative filed for bankruptcy saying it can't pay the electric bills foisted on it by the state's grid operator, ERCOT.

The facility and a majority of bondholders agreed to a restructuring that aims to ease repayment problems not solved by the previous bankruptcy in 2016.

S&P says Trinity's efforts to shed the fiscally struggling Mercy poses benefits and risks but the hospital is a small piece of the national not-for-profit's overall portfolio.

The Michigan-based nonprofit hospital chain expects a restructuring charge from the Mercy Hospital bankruptcy but no impact to its municipal bond debt.

The effects of COVID-19 on Puerto Rico are severe and the island's capacity to repay its debt has changed. The Oversight Board's objectives in the debt-restructuring process, however, have not.

The Westin Lombard Yorktown Center in Chicago's suburbs reopened over the summer, but isn't drawing enough business to cover a Jan. 1 debt service payment.

Park Place at Elmhurst would restructure and redeem $141 million of bonds issued to exit its 2016 Chapter 11 under a plan pending before a bankruptcy court.

City officials say the continuation of enhanced taxing authority from Pennsylvania will help it refinance debt and avoid another fiscal cliff.

The second bankruptcy of the Las Vegas Monorail was much smaller than the first, and bondholder Preston Hollow LLC is getting paid a full $22 million.

Moody's dropped the Chicago Archdiocese' rated debt by three notches to Ba1.

Deep bondholder losses are expected when the bonds issued for five Better Housing Foundation portfolios in and around Chicago emerge from Chapter 11.

Paying post-petition bond interest to an unsecured creditor during the archdiocese's Chapter 11 bankruptcy is unusual, attorneys say.