Bankruptcy

The bankruptcy judge is unlikely to rule on the Plan of Adjustment and related legal documents until the federal government has filed its defense.

The credit unions had bought $976 million of Puerto Rico bonds and notes, which they alleged they were coerced to purchase by Puerto Rico government and its agencies.

The legislation Gov. Pedro Pierluisi signed late Tuesday is sufficient to issue new bonds, the board said, which was integral to getting the island out of its $33 billion bankruptcy.

A lawsuit accusing underwriter Stifel of negligence on one bond issue is pending and broader claims related to the financings are being considered.

Nathan Coco and Megan Preusker joined the firm this month, deepening the expertise offered by the firm's bankruptcy and restructuring practice.

Authorization to sell new bonds to replace existing debt is a necessary step to help finalize the island territory’s record bankruptcy.

New leaders could create a joint blueprint while sidestepping another fiscal cliff, said Peter Goldmark, a major player when the city nearly went bankrupt.

The “tool kit” legislation expands powers of the Local Government Commission, including a last-resort legal process for voluntary or involuntary dissolution.

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.