Bankruptcy

The Detroit Institute of Arts, which has found itself at the center of the city's high-profile bankruptcy, warned that any attempt by creditors to cash in on the city owned museum's art would spark expensive litigation and undermine Detroit's post-Chapter 9 recovery.

Nearly a quarter of Detroit's buildings suffer from blight, and it would take $2 billion to fix the problem across the city, according to a report released Tuesday.

Wayne County, Mich. plans to erase a major chunk of its deficit by shifting more money than expected from its delinquent property tax fund, while it faces a lawsuit challenging the county’s struggling pension fund.

Arizona schools are awaiting a ruling on how much the state owes local school districts for money withheld during the recession to help balance the state budget.

Martha Kopacz, municipal finance expert witness to the Detroit bankruptcy case, asked the court Friday to force the city and Ernst & Young to turn over key documents that they have so far refused to release.

The Virginia Tobacco Settlement Financing Corp. plans to draw on reserves Dec. 1 because revenues won't be sufficient to pay debt service.

Bond insurer Syncora Guarantee’s appeal of a key Detroit bankruptcy matter was assigned to a judge Thursday.

Allen High School's $60 million bond-funded stadium will remain closed for the 2014 football season due to design flaws that led to cracks in its concrete, the suburban Dallas school district announced.

Jersey City sued the Port Authority of New York and New Jersey for $400 million, saying the payments the city receives in lieu of property taxes from the regional transportation infrastructure overseer are grossly inadequate.

The Michigan House Thursday overwhelmingly and speedily passed legislation aimed at resolving Detroit's bankruptcy and creating oversight for the post-bankrupt city as it exits bankruptcy.

JP Morgan Chase CEO Jamie Dimon said Detroit's bankruptcy and proposed bondholder treatment shouldn't hurt the market for local Michigan bonds over the long run, according to the Detroit Free Press.

A Michigan House committee devoted to Detroit's bankruptcy unanimously approved legislation to authorize a $195 million state contribution to the city's pensions and outline oversight of the city post-bankruptcy for the next 20 years.

Rhode Island House Speaker Nicholas Mattiello and Majority Leader John DeSimone plan to meet with Moody's and S&P in New York to discuss the possible fallout of missing 38 Studios-related bond payments.

Michigan legislators neared a vote on a package of bills aimed at resolving Detroit's bankruptcy after a hearing that saw testimony from public finance veteran Richard Ravitch and Detroit Mayor Mike Duggan.

The California Public Employees' Retirement System requested another extension to file court documents in its appeal of San Bernardino's eligibility to be in bankruptcy citing progress made in the confidential mediation.

Underwriter Citi terminated a $265 million bond deal after an Anaheim, Calif. activist organization filed a lawsuit May 12 seeking to invalidate the bonds, which were to finance a convention center expansion.

The North Carolina Department of Transportation won federal approval to resume work on the $900 million, 20-mile Monroe Bypass project stalled by a federal ruling.

The fight over Detroit's proposed 10% recovery for its limited-tax general obligation bonds heated up last week as Ambac challenged the treatment as a failure to understand the basics of Chapter 9 and municipal finance.

Public finance guru Richard Ravitch, in a lengthy interview, discusses his new book and how cities and states haven't learned from New York's 1975 fiscal crisis.

The lawyer for former Rhode Island House Speaker Gordon Fox said a grand jury investigation may include the financing of failed video-game company 38 Studios.