Bankruptcy

A bond insurer Wednesday asked the bankruptcy judge overseeing Detroit's case to force the city to consider four new bids for the city's art collection that could bring in as much as $2 billion.

Detroit announced its first significant bankruptcy settlement, agreeing to pay insurers of its unlimited-tax general obligation bonds 74 cents on the dollar and to treat the debt as secured in the future.

The financial plight of Harrisburg, Pa., goes far beyond incinerator debt financing, according to a Widener Law professor who is running a conference on distressed cities.

Desert Hot Springs, Calif., is embroiled in a lawsuit with its police union stemming from a decision to slash police salaries to avert a fiscal crisis and possible return to bankruptcy.

A Georgia judge continues hearing arguments Thursday in the validation of $278.3 million in bonds to support the Atlanta Falcons' new stadium

Detroit's creditors filed a flood of objections to the city's bankruptcy plan Monday, arguing it lacked critical information needed to answer even basic questions such as recovery rates.

The Texas Department of Transportation is facing a federal criminal investigation of its land deals for expansion of Interstate 35E, according to reports.

Alameda, Calif.'s victory in lawsuits brought by municipal bond investors over a cable TV and internet system it sold could set precedent in municipal bond cases.

Another Detroit suburb faces state takeover after a review team declared it to be in a state of financial emergency.

Fitch Ratings warns that North Las Vegas could become insolvent as officials in the suburb of Las Vegas have identified no clear plan to address a large deficit.

Bankruptcy Judge Steven Rhodes, who is overseeing Detroit's bankruptcy, will rule next week on a critical interest-rate swaps settlement after an all-day hearing Thursday that centered on the legality of the lien backing the derivatives.

Detroit's revised debt plan, which proposes even lower recoveries for bondholders, is a harsh reminder that even bonds with strong security pledges will suffer when economic conditions are too bad, Moody's Investors Service said in a comment titled "Detroit Turns the Screw."

Mesa's plan to build a 1.9-mile light-rail extension using $200 million of revenue bonds does not require a public vote, a Maricopa County Superior Court judge ruled on April 1.

Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court.

Litigants appealing Jefferson County, Ala.'s bankruptcy could face an uphill battle based on the history of such cases, according to a legal expert.

Detroit can move forward with a controversial $120 million loan with Barclays, the federal judge overseeing the city's bankruptcy case said Wednesday.

Bondholder recoveries would tumble another 5% under an updated plan of debt adjustment that Detroit filed with the bankruptcy court Monday evening.

The arrest of Mayor Patrick Cannon may prompt state lawmakers to strengthen a law removing Charlotte Douglas International Airport from the city's control.

Bond insurer Syncora Guarantee requested dozens of documents from the Detroit Institute of Arts, Christie's, and the state tied to the insurer's challenge to the city's bankruptcy and its attempt to protect the city's art collection from sale.

The Detroit bankruptcy judge on Wednesday will consider a request from bond insurers and others requesting that a hearing on a controversial swaps settlement scheduled for Thursday be pushed back by at least 10 days.