Bankruptcy

The Louisiana State Bond Commission wants to meet with the Department of Justice in hopes of resolving a housing discrimination lawsuit.

The confirmation hearing to determine if Stockton can emerge from bankruptcy will go into a fifth day, on June 4, to allow more time to hear arguments, according to the case judge.

Federal Judge Steven Rhodes Thursday shot down bond insurers' requests that they be given special access to Detroit's prized art collection for an independent valuation.

Stockton, Calif. heads into the final day of its scheduled four-day trial to determine if it can emerge from Chapter 9 bankruptcy.

An Illinois state court judge on Wednesday agreed to temporarily halt the June 1 effective date of state pension overhaul legislation passed last December.

Debate among Rhode Island politicians percolates over payment of 38 Studios debt, and a consulting firm hired to explore the fallout of nonpayment in the bond market warned of negative snowballing should the state not pay.

Detroit emergency manager Kevyn Orr testified before a special House committee Tuesday that is considering a $195 million state contribution to the city's pension funds that Orr said is essential to the city's recovery.

Defined benefit pension plan promises in the public sector are not as secure as many had thought they were before the financial crisis, given that courts have largely upheld states' cuts to cost-of-living adjustments, a recently released report said.

The "Detroit Three" automakers are reportedly considering giving up to $25 million or more in a plan that would raise money for the bankrupt city's pensioners while protecting the city's prized art collection.

Investors that hold roughly $5.3 billion of Detroit revenue bonds as well as $1.4 billion of its pension certificate debt filed objections to the city's plan of debt adjustment, laying out the arguments they will present at a bankruptcy trial two months away.

Michigan lawmakers will spend three days this week debating an 11-bill legislation package outlining the state's role in Detroit's bankruptcy, with emergency manager Kevyn Orr testifying on Tuesday.

Detroit's effort to repay its limited-tax general obligation bondholders only about 10 cents on the dollar would send shock waves through the muni industry and stifle economic growth, SIFMA argued in a court brief filed Monday.

Standard & Poor's put Rhode Island's GO bonds on credit watch negative and threatened a possible multiple-notch downgrade should the state default on 38 Studios debt.

Bond rating agencies could lower Rhode Island to junk if it misses 38 Studios moral obligation payments, said a report commissioned by a state agency.

A recent ruling from the California Supreme Court not to review an decision on other post-employment liabilities is a credit positive for California local governments, though challenges remain, credit rating agencies say.

A Fulton County judge validated $278.3 million in revenue bonds to support the Atlanta Falcon's new stadium though an appeal is expected, an attorney said.

Michigan lawmakers unveiled a package of 11 bills Thursday aimed at hastening Detroit's exit from bankruptcy and managing the city's post-Chapter 9 recovery.

Former CDR Financial Products, Inc. employees Douglas Goldberg and Daniel Naeh were not given any prison time or probation when sentenced on Thursday after pleading guilty in 2010 to multiple criminal charges for participating in wide-reaching bid rigging schemes in the municipal market.

Michigan would create a board to oversee Detroit for up to 20 years and contribute $195 million to the troubled city's pensions in a series of bills expected to be unveiled late Thursday.

The state of Michigan has conditionally approved Wayne County's deficit elimination plan, easing immediate concerns of a state takeover, county officials said Wednesday.