Bankruptcy

S&P revised the outlook to negative on CCC-rated bonds for South Carolina's Tuomey Healthcare due to a $277 million fraud judgment and operating losses.

Voters in bankrupt San Bernardino, Calif. elected as mayor, Carey Davis, who ran on a platform critical of decisions made by town leaders that he says landed the city of 213,000 in bankruptcy.

Michigan Gov. Rick Snyder said it would be premature to assume that Detroit's bankruptcy will drive up borrowing costs across the state.

Attorneys for Georgia have asked the U.S. Supreme Court not to entertain a lawsuit from Florida over water rights between the states.

A partially bond funded plan to build a $650 million hockey arena and entertainment district near downtown Detroit advanced Tuesday when the city council agreed to transfer 39 acres of public land to the project.

Convicted bid-rigger David Rubin should pay more than $11,5 million in restitution to 99 municipal victims who have not been compensated for losses they incurred due to "kickbacks" and depressed interest rates resulting from criminal activity, according to U.S. Justice Department filings with a federal court this week.

The SEC and former JPMorgan bankers asked a federal court to exclude experts in the pay-to-play suit involving Jefferson County, Ala.'s sewer deals.

Contingent liabilities for nonessential, noncore enterprises pose huge credit risk for some local governments, Moody's said in a report that cited Harrisburg.

Detroit, going to battle with its interest-rate swap counterparties, filed a lawsuit seeking to invalidate $1.4 billion of pension certificates that the swaps hedge, saying the borrowing was illegal from the start.

Detroit's bankruptcy plan circulated to creditors last week yields them greater recoveries to creditors than a first offer floated last year, but should still be seen as a rough draft that could change significantly.

Detroit has asked the bankruptcy court overseeing its Chapter 9 case to dissolve a committee representing unsecured creditors that the U.S. Trustee said is required under code.

Detroit late Friday filed a lawsuit challenging the legality of the structure tied to its 2005 sale of pension certificates and controversial swaps linked to the debt.

Negotiations intensified on several fronts as Detroit nears a self-imposed deadline to craft a detailed plan to exit Chapter 9 bankruptcy, with the fate of a debtor-in-possession loan in doubt.

Harrisburg, Pa., officials seek $2 million in the municipal budget to issue tax and revenue anticipation notes, which would mark a return to the debt markets.

Detroit has reportedly proposed paying its pensioners more — and in cash — than its general obligation bondholders, who would receive notes equivalent to roughly 20% percent of their claims in its bankruptcy exit plan.

The Tuomey Healthcare System is fighting what it calls improper federal efforts to subordinate bondholders while it appeals a massive fraud judgement.

Michigan Gov. Rick Snyder declared fiscal emergencies in a pair of Detroit suburbs, Royal Oak Township and Highland Park, the first step toward a state takeover or declaration of bankruptcy.

San Jose Mayor Chuck Reed and other proponents of the Pension Reform Act of 2014 say they will legally challenge Attorney General Kamala Harris's ballot summary language, likely delaying the measure.

A broad coalition of Illinois unions accuses the state of pension "theft" in its long anticipated lawsuit that seeks to overturn the state's pension system overhaul before it takes effect in June.

Troubled North Las Vegas received two downgrades to its already junk-rated debt after a judge ruled against a state of emergency the city employed last year to avoid honoring union contracts.