Bankruptcy

Already struggling to erase a $715 million deficit over the current and coming fiscal years, Kansas lawmakers face a costly court ruling that could require them to add more than $500 million to school funding.

In a written ruling outlining his verbal affirmation of Detroit's bankruptcy exit plan, the federal bankruptcy judge overseeing the case warned that if Michigan does not act to assure that cities can pay their pensions, it may mean a repeat of the high-profile bankruptcy.

A lawsuit challenging the Securities and Exchange Commission's investment adviser pay-to-play rule is moving forward in a D.C. federal appeals court, with implications for muni market pay-to-play restrictions hanging in the balance.

Gov.-elect Tom Wolf talked up school funding during his campaign, but finding a solution may be difficult.

Former Miami, Fla. budget director Michael Boudreaux is appealing to the U.S. Supreme Court after a federal appeals court decided not to reconsider its decision to disqualify his immunity from a Securities and Exchange Commission lawsuit.

After a series of downgrades and a federal court fight related to its mounting pension debt, Cincinnati has reached a pension deal that calls for the transfer of $200 million from its retiree health care fund.

The Motor City paid $170 million in attorney and advisor fees during the largest municipal bankruptcy in the U.S.

Buena Vista, Va., will stop making payments on a golf course bond issue that its officials say has become an albatross around the small city's finances.

The York City School District in Pennsylvania is in receivership after a county judge approved a request by the state education department.

A year after the Oklahoma Supreme Court struck down legislation authorizing $120 million for repairs to the state Capitol, the first bond issue of $50 million is going to market in January with the court's approval.

The Wisconsin Supreme Court overturned a lower court ruling and upheld Milwaukee County's 2010 cuts to nurses' pension benefits.

The Central Coventry Fire District in Rhode Island filed for bankruptcy after months of negotiations with its unions failed.

Standard & Poor's gave an investment-grade A-minus rating to a series of bonds Detroit recently sold as part of its exit from bankruptcy.

Denver International Airport must bear most of the $53 million cost to complete a rail segment into the airport, a Denver District Court judge ruled. DIA had claimed the cost was the Regional Transportation District's responsibility.

Capital Region Water, nee the Harrisburg Authority, took significant steps this year en route to a what it believes can be an investment-grade rating within 18 months.

Michigan Gov. Rick Snyder has declared the financial emergency in Hamtramck resolved and put a Receivership Transition Advisory Board in place to help keep the city on a sound fiscal path as it transitions to independence.

Municipal bond groups are seeking federal appeals court guidance in a ratepayer appeal of part of Jefferson County, Ala.'s Chapter 9 bankruptcy plan, saying the district court decision allowing a challenge of the plan threatens to undermine market stability.

Litigation challenging Chicago's pension reform legislation threatens the city's ability to escape $19 billion of unfunded liabilities, Fitch Ratings said.

One week after its emergency from Chapter 9 bankruptcy, Moody's Investors Service has assigned Detroit an issuer credit rating that's deep in junk bond territory at the B3 level.

Missouri Attorney General Chris Koster sued 13 St. Louis County municipalities Thursday alleging violations of a state law that limits how much money they can make from court-related traffic fines.