Bankruptcy

Auction house Christie's said a slice of Detroit's art collection could be worth between up to $846 million, far less than creditor speculations.

Detroit is eligible for bankruptcy protection, the federal judge overseeing the case ruled Tuesday.

Two groups of Jefferson County, Ala., sewer system customers appealed the county's Chapter 9 exit plan, and the county announced close of the sale of sewer warrants to pay creditors for the plan.

The Missouri Association for Social Welfare last week filed a lawsuit contesting the summary language of a proposed ballot measure seeking approval for a one cent sale tax increase to fund transportation-related projects.

Three former bankers at GE Funding Capital Market Services, Inc., convicted of fraud and conspiracy for rigging municipal bond investment bids are out of prison following a Nov. 26 decision by the U.S. Court of Appeals for the Second Circuit overturning their guilty verdicts.

The bankruptcy judge overseeing Detroit's Chapter 9 case delayed a ruling on a $160 million borrowing plan to finance the city's lighting system due to possible conflict of interest by public finance firm Miller Canfield Paddock and Stone PLC.

The merger of American Airlines and US Airways Group can proceed as scheduled after a federal bankruptcy judge's clearance of the airlines' federal anti-trust settlement.

A state board delayed a vote on an estimated $270 million parking lease deal for Harrisburg, Pa., one of two transactions essential to the city's recovery plan.

Jefferson County, Ala., is nearing the end of the nation's second-biggest municipal bankruptcy case as it prepares to close on the sale of $1.7 billion of new sewer warrants on Tuesday.

A group of Detroit's creditors, including bond insurers, asked the bankruptcy court overseeing the city's case to appoint a committee to assess the value of the city art collection and propose ideas for monetizing it.

U.S. Bankruptcy Judge Sean Lane is expected to issue a decision on the American Airlines bankruptcy at a hearing at 10 a.m. Wednesday in New York.

The Securities and Exchange Commission says its case against former JPMorgan bankers Charles LeCroy and Douglas MacFaddin should go to trial.

Detroit's proposed $350 million debtor-in-possession financing would mark the largest such deal in Chapter 9 history, but not the first: that honor goes to Orange County, Calif.

The Missouri Secretary of State Securities Division filed a civil enforcement action against Morgan Keegan accusing the firm of securities fraud in its role as underwriter of $39 million of defaulted bonds issued by Moberly, Mo.

CHICAGO — U.S. Bankruptcy Court Judge Steven Rhodes will issue his decision over Detroit's eligibility to file for Chapter 9 bankruptcy on Dec. 3.

A bankruptcy Court judge said he expects to rule by Wednesday on American Airlines' request for final clearance to merge with US Airways Group Inc. and exit Chapter 11.

Moody's said Monday that a lawsuit filed to challenge Atlanta's two-year-old pension reform is a credit negative because of the uncertainty it creates.

U.S. Bankruptcy Attorney Thomas Bennett issued a 79-page Friday confirming his verbal approval of Jefferson County, Ala.'s Chapter 9 exit plan.

Congressional committee leaders have sent a letter to Attorney General Eric Holder expressing concerns that the proposed settlement agreement with US Airways and American Airlines might hurt less populated and rural areas.

Two years after filing what was then the largest municipal bankruptcy in the country, Jefferson County, Ala., Thursday won approval of its plan to emerge from Chapter 9.