Bankruptcy

The Detroit City Council Thursday approved the transfer of the city's art collection to a charitable trust, a key piece of the so-called grand bargain that holds together the city's bankruptcy exit plan.

Three new indictments were handed down in a widening Orlando-Orange County Expressway Authority scandal and a fourth person pleaded guilty to violating Florida's sunshine law.

Doral Financial Corp. has sued the Puerto Rican government for more than $229 million.

At least another month will pass before a judge decides if Stockton, Calif. can exit Chapter 9 bankruptcy, after U.S. Bankruptcy Judge Christopher Klein set another hearing for July 8.

Holders of Detroit's bonds want the bankruptcy judge to consider key questions of whether the city's treatment of its bond debt is legal at a main confirmation trial this summer instead of a one-day hearing set for later this month.

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

A group of creditors led by bond insurers asked the federal judge overseeing Detroit's Chapter 9 bankruptcy to delay the confirmation trial by nearly two months, saying the city has failed to turn over key documents in a timely way.

The Louisiana Legislature passed a bill unanimously that would require all issuers to fulfill disclosure requirements, and have auditors check for compliance.

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

Frank Caprio, if he regains the Rhode Island treasurer's office, wants to go after the bond rating agencies as controversy simmers over 38 Studios.

The judge overseeing Detroit's bankruptcy case Monday outlined 14 legal questions related to the city's plan of confirmation, three of which are related to Detroit's proposed treatment of its bondholders.

A real estate revenue drop and lowered pension assumptions have triggered a budget deficit in Pittsburgh, said the city's financial recovery consultants.

Fitch Ratings warned it would cut its rating on $5.7 billion of Detroit's water and sewer debt to as low as D if the bankruptcy court approves the city's current plan of debt adjustment.

A House representative has introduced a bill to an 11-bill package tied to Detroit's bankruptcy that would allow the city's mayor to sit on a key oversight board.

Pittsburgh, through consultants Public Financial Management and Eckert Seamans Cherin & Mellott, has filed an update to its financial recovery plan under Pennsylvania's Act 47 workout program for distressed communities.

Emergency Manager Kevyn Orr said Detroit would be more attractive to Wall Street than ever once the bankrupt city emerges from Chapter 9 bankruptcy later this year.

The first hearing in Jefferson County, Ala.'s bankruptcy appeal has been reset to July 18 from May 15 due to a court scheduling conflict.

King's Daughters Medical Center will pay $40.9 million to settle allegations of federal health care fraud, a penalty that is among the largest of its kind in Kentucky.

Reports last week of a push for Chapter 9 legislation by North Las Vegas were "factually inaccurate," according to Ryann Juden, a spokesman.

Detroit's attorneys said they are in the midst of an effort to put a price tag on the city's art collection following repeated requests from bond insurers and other financial creditors.