Bankruptcy

A proposed settlement between Monticello, Minn., and investors holding its defaulted $26.4 million of telecommunication revenue bonds is advancing with the filing of a new class action bondholder lawsuit that is considered part of the settlement process.

Holders of Detroit's general obligation bonds are among the biggest losers in the city's debt plan, and that's prompting some muni market participants to call for a fresh look at how GOs are viewed.

Rhode Island's proposed settlement to pension overhaul lawsuits is a credit positive because it “removes a lingering source of fiscal uncertainty,” said Moody's.

A Georgia judge delayed the validation of $278.3 million in revenue bonds supporting the Atlanta Falcons' new stadium to hear opposing arguments.

The judge overseeing Detroit's bankruptcy case released a schedule Monday that sets hearings through June to consider the city's effort to shed its debts and move out of Chapter 9.

Detroit is being cautious about its revenue projections — and its ability to enter the capital markets — over the next decade, according to documents filed in bankruptcy court.

The bond insurers that wrap a chunk of Detroit's unsecured debt blasted the city's debt adjustment plan filed in bankruptcy court Friday, joining a chorus of criticisms from the municipal bond market.

Detroit filed a proposed plan of adjustment that lays out how the city hopes the bankruptcy court will treat its $18 billion of debt, including major cuts to bondholders.

The Puerto Rico Supreme Court today largely upheld the Puerto Rico government's December reform of the judicial pension system.

A Boulder environmental group has vowed to sue the Colorado Department of Transportation to stop a $490 million public-private project on the main highway to Denver.

Detroit's pension funds can file a direct appeal of the federal bankruptcy court's decision that the city is eligible for Chapter 9, a process that will run parallel to the city's Chapter 9 case.

If bankrupt Stockton and San Bernardino, Calif. fail to modify their pension liabilities, they could end up like Vallejo, which did not change those liabilities and now risks of a second bankruptcy, said Moody's.

Legislative limits on pension increases for retired judges and elected officials violate Arizona's constitution, the state Supreme Court ruled.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The federal bankruptcy judge overseeing Detroit's Chapter 9 case heard arguments Wednesday from bond insurers challenging the city's effort to treat its unlimited-tax general obligation bonds as unsecured.

Rhode Island's announcement of a potential settlement regarding lawsuits challenging a 2011 landmark pension overhaul law is a positive development, said Fitch Ratings.

Jefferson County still faces uncertainty as appeals of its Chapter 9 exit plan coincide with elections that include a county commission candidate who is a plaintiff.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

A California appeals court has agreed to fast track review of a lower court's decision that prevents the state from issuing $8.6 billion in bonds for its high-speed rail project.

Rhode Island may have come out ahead in the proposed settlement to union-backed lawsuits challenging the state's landmark 2011 pension overhaul law, assuming it clears some remaining hurdles.