Bankruptcy

Detroit's voluntary tender program of its water and sewer revenue bonds may have provide an "optimal solution" for the market but it still represents a default, Municipal Market Advisors said Monday.

Connecticut State Rep. Diana Urban wants to create a results-based accountability report card for nonprofits to prevent further Amistad-type fiascoes.

Detroit will refinance a chunk of its water and sewer debt as part of a tender offer settlement with bondholders.

A federal judge upheld a bankruptcy court judgment against Bruce Cole, former head of Mamtek US Inc., finding he fraudulently obtained bond funds to finance a sucralose production plant in Moberly, Missouri.

Fitch Ratings shifted its outlook on O'Hare International Airport to stable from negative citing steady air traffic trends and more certainty over American Airlines' future at the airport after the airline's exit from bankruptcy.

Attorneys for Texas Gov. Rick Perry said Thursday that an investigation of how his donors won contracts from a state cancer research fund did not motivate him to veto funding for the investigators.

A court-appointed receiver will oversee the operations of the troubled nonprofit that operates Connecticut's flagship replica slave vessel Amistad.

Fitch Ratings said Detroit's offer to holders of $5.2 billion of water and sewer bonds to tender their debt as part of a bankruptcy settlement does not constitute a distressed debt exchange, an analysis that could bode well for ratings the planned refinancing of the debt.

Detroit has asked the federal judge in charge of its Chapter 9 to consider forcing bond insurer Syncora Guarantee to issue an apology for suggesting that federal mediators have tainted the bankruptcy process.

Detroit Public Schools will move forward with a plan to issue $111 million of state aid notes as well as an updated deficit elimination plan that calls for 10% pay cuts and the closure of up to 24 schools.

A group of ratepayers from a Chicago suburb are suing five advisors and consultants, accusing them of misrepresenting the value of participation in the bond-financed Prairie State Energy Campus to the city of Batavia.

A state fee on so-called "small tobacco" companies that were not part of a 1998 settlement with states' attorneys general is unconstitutional, a Texas appeals court ruled.

Bond insurer Syncora Guarantee challenged Detroit's settlement with its unlimited-tax general obligation bondholders in court Tuesday, arguing that it means Detroiters will continue to pay taxes on a levy that they did not approve on the original ballot.

As Detroit gears up for a key trial on its bankruptcy exit plan next week, a long-simmering dispute over $1.4 billion of certificates of participation is just starting to heat up.

Ratepayers from a Chicago suburb will file a lawsuit as soon as Tuesday seeking compensation for steep energy rate hikes they've paid due to cost overruns at the bond-financed Prairie State Energy Campus coal-fired power plant.

The felony indictment of Texas Gov. Rick Perry covers actions he took against the Travis County District Attorney's office while its investigators looked into grants to his campaign contributors from a $3 billion cancer research bond fund.

San Bernardino has reached a tentative agreement with its police union just two months after it struck an agreement with the California Public Employee's Retirement System.

The Puerto Rico Electric Power Authority put off a day of reckoning in an agreement with creditors announced Thursday, but still may be headed for what would be the largest municipal bond default in U.S. history.

The Detroit City Council has approved a series of four bond issues that include nearly $1 billion of new limited-tax GO bonds to help finance unsecured creditor settlements as part of its bankruptcy plan.

The Puerto Rico Electric Power Authority announced agreements with insurers and bondholders controlling more than 60% of PREPA's outstanding bonds to amend existing bond documents to provide PREPA with liquidity and for PREPA to appoint a chief restructuring officer.