Bankruptcy

San Jose, Calif. cannot make voter approved pension cuts, but it can reduce pay to help fund higher retirement costs, a judge ruled on Monday.

A bond insurer and Detroit's two pension funds are among five appointees to the committee named to represent the interests of unsecured creditors as the city proceeds through Chapter 9.

Proceeds from two bond deals designed to keep Harrisburg, Pa., out of bankruptcy fell "well within the range" of projected revenues, said receiver William Lynch.

Former Ohio Deputy Treasurer Amer Ahmad, recently Chicago's comptroller, pleaded guilty in federal court to charges he orchestrated a kickback scheme involving state investment business.

Nine days after downgrading them, Standard & Poor's upgraded six series of Jefferson County, Ala. limited obligation school warrants to investment-grade BBB from D.

Detroit's federal bankruptcy judge urged the appellate court to reject an appeal of his recent rulings on the city's eligibility for Chapter 9 and declined to recommend an expedited appeal process.

When Standard & Poor's downgraded Jefferson County, Ala.'s school warrants to D, some people said the action was misleading and others were confused.

CHICAGO - Detroit told the bankruptcy court Friday it may sue its interest-rate swap counterparties without a revised settlement to terminate the swaps under more favorable terms. The warning raises the stakes on mediation.

The Harrisburg receivership team and many related parties anticipate closing a recovery plan aimed at keeping Pennsylvania's capital city out of bankruptcy.

Detroit's mayor-elect, Mike Duggan, will manage the bankrupt city's day-to-day operations under an agreement with the city's emergency manager, Kevyn Orr, that was announced Thursday.

Auction house Christie's valued bankrupt Detroit's art collection at between $454 million and $867 million in a final assessment turned over to city emergency manager Kevyn Orr this week.

The Irwindale, Calif. Sriracha chili sauce manufacturing facility now being threatened by a lawsuit from Irwindale, Calif. had been promoted as a successful use of California's now defunct redevelopment law.

CHICAGO – A federal bankruptcy court judge abruptly suspended hearings on Detroit's proposed $350 million debtor-in-possession financing and settlement with its interest-rate swap counterparties Wednesday and urged the city to use the time to renegotiate the swaps termination deal.

The federal bankruptcy court judge overseeing Detroit's historic Chapter 9 filing pressed the city Wednesday for more information on its strategy behind the decision to negotiate a settlement with interest-rate swap counterparties.

A five-day trial began Tuesday in one of two lawsuits filed by the San Diego County Water Authority two years ago challenging rates set by its wholesale water provider.

The Oklahoma Supreme Court overturned state legislation that cut the state's personal income tax and provided $120 million for repairs to the Capitol.

Detroit had to pursue a settlement with the interest-rate swap counterparties on its pension certificates or risk the "cataclysmic" loss of access to casino revenues, the city's investment banker told the bankruptcy court Tuesday.

CHICAGO - The judge overseeing Detroit's bankruptcy ruled creditors can appeal directly to the U.S. Court of Appeals for the Sixth Circuit rulings that the city is eligible for Chapter 9 and pensions are not protected in bankruptcy.

U.S. District Court Judge Dolly Gee granted the California Public Employees' Retirement System leave to appeal to the U.S. Ninth Circuit Court of Appeals San Bernardino's eligibility to be in bankruptcy.

The California Public Employees' Retirement System held a conference call with media to emphasized its belief that a Detroit bankruptcy ruling that pensions are not in a special class above other creditors does not apply to California.