Bankruptcy

A group of Puerto Rico consumers and businesses sued the Puerto Rico Electric Power Authority, professionals at PREPA, and other energy companies for more than $1 billion.

The SEC concluded without charges an investigation it launched into Bell, Calif.'s bond debt in 2010 after fraud perpetuated on the city by the former administration came to light.

Detroit leaders are poised to send a $1 billion 2016 budget to the financial committee that oversees the bankrupt city that it hopes will be the first of three straight balanced budgets that would give the city financial independence by 2018.

A New Jersey state judge ruled against Gov. Chris Christie's efforts to curb pension payments just a day before he is scheduled to release his new budget proposal.

Easing Detroit Public Schools' debt burden is considered key to the district's revival and survival, and bankruptcy is possible, according to one of the reformers working on the turnaround effort.

Ohio Auditor David Yost has declared the city of Maple Heights to be in a state of financial emergency after the Cleveland suburb missed payments on sewer loans in January and showed deficits in its general and debt service funds.

Litigants appealing Jefferson County's bankruptcy case want Alabama Gov. Robert Bentley and Attorney General Luther Strange to join their appeal.

Ballard Spahr served as bond counsel in the issuance of $34.6 million in tax-exempt bonds that will enable a Wilmington, Del., charter school to expand into a K-12 format

A House panel will hold a hearing Feb. 26 on legislation that would allow Puerto Rico government-owned corporations to restructure their debts under Chapter 9 of the Federal Bankruptcy Code.

Michigan is reportedly looking for ways to provide debt relief for the cash-strapped Detroit Public Schools as part of a larger turnaround plan.

Federal Bankruptcy Judge Thomas Tucker, who took over Detroit's bankruptcy this week, asked attorneys to meet with him to address any lingering issues in the historic case.

Former Pennsylvania Treasurer Rob McCord pleaded guilty in a Harrisburg courtroom to two federal counts of attempted extortion.

A $35.4 million issue of revenue bonds for a private detention center in Central Texas will retain tax-exempt status following a review by the Internal Revenue Service, according to a disclosure notice.

Oral arguments in the case challenging Illinois' 2013 public pension overhaul will be heard March 11.

The U. S. House Judiciary Committee will hold hearings in the next few weeks to consider making Puerto Rico's public corporations and municipalities eligible for Chapter 9 bankruptcy.

The January default by a well-off Indiana school district, though quickly cured, reveals problems with the state funding formula and investors' reliance on state school enhancement programs, market participants say.

U.S. Bankruptcy Court Judge Steven Rhodes, who oversaw Detroit's historic Chapter 9 bankruptcy, will retire Feb. 18, the court announced Friday.

Ascension Health's sale of two Kansas City, Missouri area hospitals to a for-profit was cleared after Ascension agreed to set aside $20 million in sale proceeds to fund acute indigent medical care, Missouri Attorney General Chris Koster said.

Detroit will float $119 million of water and sewer bonds through the state's revolving fund under a resolution approved Thursday by the financial commission that oversees the post-bankrupt city.

U.S. Bankruptcy Judge Steven Rhodes has approved $183 million of fees charged by professionals during the city's bankruptcy, in a ruling that heaps praise on the attorneys and consultants who worked on the city's behalf.