Bankruptcy

Detroit's move to secure debtor-in-possession financing marks a first for Chapter 9, one that, if successful, could pave the way for other bankrupt or cash-strapped cities, municipal bond experts said.

More than a year after closing the books for 2012, bankrupt Jefferson County, Ala., has posted its audit for that year.

Moody's Investors Service downgraded bankrupt Stockton, Calif.'s pension obligation bonds to Ca from Caa3 and changed the outlook to negative from developing.

Outgoing Michigan Treasurer Andy Dillon outlined Detroit's descent into bankruptcy in a deposition ahead of hearings on whether the city is eligible to enter into Chapter 9.

In a first of its kind deal, Detroit has secured debtor-in-possession financing, a $350 million loan from Barclays that is backed by a pledge of income tax and casino revenues.

Chapter 9 is supposed to make it easier for a struggling municipality to borrow, but the decisions made so far by Detroit’s leaders may have the opposite effect, bankruptcy expert James Spiotto said Friday at the Bond Dealers of America conference here.

Florida will support Mississippi's federal lawsuit protesting large increases in national flood insurance premiums with a "friend of the court" brief.

The transactions related to Harrisburg, Pa.'s financial recovery plan must close by the end of November, Mayor Linda Thompson said Friday.

Detroit's historic bankruptcy filing may lead to precedent-setting decisions on the treatment of general obligation bonds and other debt, though it has not meant big changes in daily investment strategy so far, according to a pair of market participants at the Bond Dealers of America conference.

Syncora Guarantee, Inc., the bond insurer that wraps some of Detroit's pension certificates, Thursday filed an appeal to Bankruptcy Judge Steven Rhodes' ruling that blocks the insurer's ability to freeze the city's casino revenue.

Former Detroit Mayor Kwame Kilpatrick was sentenced Thursday to 28 years in federal prison for running a criminal enterprise to enrich himself and his friends during the six years he was mayor of the struggling city.

Honolulu officials notified a federal judge that they have met the additional environmental requirements for the city's $5.3 billion elevated rail project he outlined in a December 2012 order.

Lawsuits in Kentucky seeking a rollback in tax rates for most library districts could result in multi-notch rating downgrades, Moody's warned.

Distressed Harrisburg, Pa., is launching a planning initiative as part of its financial recovery plan, Mayor Linda Thompson announced.

San Bernardino, Calif.'s attempt to use bankruptcy to win a dispute with the state over dissolution of its redevelopment agency appear likely to fail.

A former financial advisor for bankrupt Jefferson County, Ala., claims Citi, the investment bank heading up JeffCo’s sewer warrant refunding, violated Rule G-23.

Michigan Gov. Rick Snyder, after giving a rare deposition related to Detroit's bankruptcy case, issued a statement saying the Chapter 9 filing was a difficult but necessary decision.

Curt Schilling, the former baseball pitcher whose failed 38 Studios video-game company triggered a Rhode Island debate over moral obligation debt, plans to sell off personal items from his home.

Michigan Gov. Rick Snyder will be questioned under oath Wednesday about the decisions leading up to Detroit's historic bankruptcy filing.

Central Falls, R.I., a former bankrupt city whose bond rating is still junk, is raising money online for a park project with help from a crowd-funding platform.