Bankruptcy

Hospital bankruptcies are on pace to set a record in 2014 and investors should get more involved with restructuring efforts, a firm specializing the field says.

Having dropped the stigmatized Harrisburg Authority name, Capital Region Water of Pennsylvania is shooting for an investment-grade rating within 18 to 24 months. Meanwhile, the unrated is selling debt with the help of credit enhancement.

Financial advisor Calvin Grigsby of Grigsby & Associates filed a federal lawsuit against the Shreveport, La., City Council after the city sued his firm accusing him of overbilling financial advisory fees.

U.S. District Court Judge Sharon Lovelace Blackburn orders briefs to determine if Jefferson County, Ala.'s bankruptcy appeal will be dismissed.

Puerto Rico called for the dismissal of a suit challenging the commonwealth's newly passed public corporation restructuring law.

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.

Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.

Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.

The Amsterdam at Harborside plans to file for bankruptcy tonight or tomorrow, the conclusion of over a year of restructuring negotiations with bondholders. The plan does not forgive any debt, but does feature a senior and subordinate exchange offer.

Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.

A new company is aiming to keep holders of Puerto Rico bonds informed about the court proceedings there.

The Detroit Institute of Arts has raised 80% of the $100 million it pledged to contribute to Detroit's underfunded pension debt.

Based on two court cases, two former JPMorgan bankers want the SEC's pay-to-play case involving Jefferson County, Ala.'s failed sewer deals dismissed.

Arizona Gov. Jan Brewer said the state will appeal a state district court order to restore $1.6 billion in school funding.

One year after Detroit filed for bankruptcy, muni experts said the city's approach should set a precedent for how not to manage a distressed workout, and that they've learned to throw out many traditional assumptions and beliefs about the treatment of bond debt in Chapter 9.

Louisiana issuers should take advantage of the SEC's initiative to self-report continuing disclosure lapses, the State Bond Commission urged Thursday.

Two former attorneys general for Utah, Mark Shurtleff and John Swallow, took bribes in criminal and civil cases, prosecutors said in charges filed in the state's 3rd District Court in Salt Lake City.

The Contra Costa County, Calif. civil grand jury found that seven of its school districts have issued capital appreciation bonds in the last ten years, and is urging them not to sell any more.

Keith Stokes, the former executive director of the Rhode Island Economic Development Corp. has withdrawn from a lawsuit against the agency's former lawyer and bond counsel over the 38 Studios fiasco.

Birmingham, Ala. city councilor Sheila Tyson, saying her constituents can't afford Jefferson County's post-bankruptcy debt, is trying to boost public support for an appeal, as hearings commence.