Bankruptcy

Detroit Bankruptcy Judge Steven Rhodes pushed back the start date of a trial on the city's confirmation plan by eight days to Aug. 29, noting that the city's plan to reach a settlement with its water and sewer bondholders will likely result in a newly amended confirmation plan.

The Detroit Council unanimously approved emergency manager Kevyn Orr's plan to refinance up to $5.5 billion of water and sewer bonds to help resolve the city's bankruptcy.

A group of bondholders trying to recoup their investment in a failed Moberly, Mo. artificial sweetener plant has added as a defendant Raymond James Financial Inc. — which acquired the bond deal's underwriter and lawsuit's original target.

The largest teachers' union in Kansas is seeking to overturn provisions in the state appropriations law that strips tenured teachers of their rights to appeal firings.

Detroit asked the bankruptcy court to approve financing deals that would allow it to refinance up to $5.5 billion of water and sewer debt, providing the first glimpse of settlement details with the bondholders in the court request.

Syncora Guarantee Inc. is targeting the federal mediators who crafted the main settlement at the heart of Detroit's bankruptcy exit plan, arguing that they showed illegal and politically motivated bias toward pensioners and saving the city's art.

The Puerto Rico Treasury Department and struggling Doral Financial Corp. have entered into court-supervised negotiations over Doral's claim for $229 million.

Detroit said a planned $300 million exit financing that key to its recovery will feature a first lien on income taxes and mature in 11 to 15 years.

Louisiana Treasurer John Kennedy sent a letter Aug. 11 telling the state attorney that he is not pleased with a federal housing discrimination settlement.

A federal appeals court dismissed a lawsuit over the massive $2.6 billion Ohio River Bridges Project being built by Kentucky and Indiana.

The mayor of the city of Warren in Macomb County has filed a lawsuit to overturn a recent ballot proposition that will phase out the personal property tax, which goes to local governments.

Michigan's Attorney General are asking the state supreme court to reconsider a recent ruling that budget officials warn ruling could cost the state up to $1.1 billion and dig a hole in the current-year budget.

Halifax Hospital Medical Center in Florida will pay $11.9 million on top of $85 million to settle claims made by the federal government and a whistleblower.

A lawsuit challenging the Securities and Exchange Commission's pay-to-play rules could have implications for the Municipal Securities Rulemaking Board's effort to write such rules for muni advisers, as well an existing rule for dealers.

Detroit launched a tender offer program for holders of $5.2 billion of water and sewer bonds Thursday night, offering tender prices that range from a high of 118 cents on the dollar to a low of 72.5 cents on the dollar as it aims for a massive refinancing that will end a months-long battle with water and sewer bondholders.

Seven current and former Georgia lawmakers filed a lawsuit against Fulton County commissioners after they increased the property tax rate by 17.45%.

Bond insurer Syncora Guarantee Inc., Detroit's fiercest opponent in the city's bankruptcy case, said it is already gearing up for appeals process assuming the city's plan is confirmed in a trial set to start later this month.

A federal appellate panel Thursday ruled that North Carolina’s plan to replace the 50-year-old Bonner Bridge must be reconsidered by a lower court.

Bankrupt Detroit has floated a plan asking holders of $5.2 billion of water and sewer bonds to tender their debt, allowing the city to refinance in an effort to achieve savings.

After almost two years of preparation, an adverse ruling Monday on the hotel sales tax that would have funded the majority of San Diego's planned convention center expansion sends city leaders back to the drawing board.