Bankruptcy

Detroit Friday released details of a controversial $120 million loan with Barclays as ordered by the bankruptcy judge overseeing the case.

Central Falls, R.I., reporting a $1.6 million surplus less than two years after exiting bankruptcy is a credit positive, according to Moody's.

Detroit amended its interest-rate swaps deal to drop banks' requirement that it sign off on its plan of debt adjustment, and also said it would file an updated bankruptcy plan on Monday.

Detroit's proposed $120 million loan with Barclays, which would finance service improvements, advanced Tuesday after a key Michigan board approved the deal.

The Department of Justice will revive its federal housing discrimination lawsuit against the Louisiana State Bond Commission after commissioners rejected a settlement.

Standard & Poor's Tuesday downgraded Detroit's already junk-rated $5.9 billion of water and sewer bonds warning of a default even as the city turns to the private sector to take over the asset.

New Mexico is facing a new round of litigation over school funding after a lawsuit was filed on behalf of poor and Spanish-speaking students.

The judge overseeing Detroit's bankruptcy case ordered the city to disclose more details of a proposed $120 million loan with Barclays, including financing terms and the use of proceeds.

The Detroit Water and Sewer Department plans to come to market in June with $150 million of sewer bonds — and possibly a restructuring of its entire $4 billion portfolio — in the midst of the city's tumultuous bankruptcy and talks to privatize the asset.

The counterparties to Detroit's interest-rate swaps mounted their first public defense of a controversial settlement with the city Friday, arguing that the derivatives are legally secured and warning that litigation would be costly and painful for Detroiters.

The bond insurers that wrap Detroit's unlimited-tax general obligation bonds have been ordered into a Monday mediation session with the city several weeks after the judge overseeing the case said he would issue a ruling on whether or not the city can treat the debt as unsecured.

The Louisiana State Bond Commission rejected a settlement with the Justice Department March 20 that would have resolved a federal housing discrimination suit.

Cincinnati's new mayor wants the federal court to organize all the city's retirees and employees into a single class and hammer out a consent agreement in court-ordered mediation in order to deal with the city's growing pension headache.

Rhode Island has hired Minnesota firm SJ Advisors to examine the impact of possibly defaulting on 38 Studios moral obligation bonds.

Detroit has reportedly yet to finalize a crucial settlement with its interest-rate swap counterparties.

Michigan Gov. Rick Snyder told local reporters that he wants Detroit to reach an agreement with its retirees to help advance legislation that would appropriate $350 million in state funds for the city's unfunded pensions.

Detroit's bankruptcy proceedings are on hyper speed compared to San Bernardino's Chapter 9 bankruptcy.

In a post-bankruptcy review, Moody's found that creditors received wide recovery rates in Jefferson County, Ala., and other recent municipal bankruptcies.

A pair of bond insurers filed lawsuits this week challenging key aspects of Detroit's bankruptcy debt plan, litigation that could derail the city's goal of exiting by the fall.

Syncora is challenging Detroit's latest attempt to settle with its interest-rate swap counterparties, a day after FGIC filed a challenge to the city's lawsuit attempting to invalidate its pension certificates.