Bankruptcy

Once considered relatively isolated from Detroit's problems, its $6 billion of water and sewer debt have been been pushed into junk territory by two of the three major ratings agencies.

Moody's Investors Service says a court ruling in favor of Puerto Rico government’s pension overhaul is a credit positive for the commonwealth.

A parish school board and a Louisiana teachers union are suing the state for $200 million over a lengthy freeze of aid to local education.

Moody's removed Rhode Island's GO debt from review for downgrade after the state passed an $8.2 billion budget that included a $2.5 million 38 Studios bond payment.

Alabama's Jefferson County expects to propose a closing agreement to the Internal Revenue Service within a few weeks on nearly $3.1 billion of outstanding sewer revenue warrants.

Orange County, Calif. supervisors released a formal response this week to a scathing 35-page report from a grand jury alleging what jurors perceived as a pattern of corruption.

Breaking a weeks-long silence, a spokesman for Michigan Gov. Rick Snyder told The Bond Buyer that the state supports Detroit's plan to default and treat its GO debt as unsecured. It answers a question that's been on the mind of the muni market since Kevyn Orr unveiled his controversial plan in June.

A New York State appellate court has reversed a lower court and upheld the constitutionality of the Metropolitan Transportation Authority's payroll mobility tax.

Rhode Island's $8.2 billion budget, including a $2.5 million bond payment for 38 Studios debt, is headed for Gov. Lincoln Chafee's office after Senate approval.

Arkansas ex-treasurer Martha Shoffner pleaded not guilty to federal bribery charges at an arraignment in Little Rock.

Rhode Island's House approved an $8.2 billion state budget, including an initial $2.5 million bond payment related to failed video-game company 38 Studios.

Michigan Gov. Rick Snyder appointed a former human resources director at the city of Pontiac to serve as emergency manager of Hamtramck, which now enters its second state takeover in less than 10 years.

Settlements with most of the creditors holding Jefferson County, Ala.'s $3.1 billion of defaulted sewer debt should help pave the way for a smooth Chapter 9 exit.

After a massive restructuring of Pontiac, Mich., emergency manager Louis "Bud" Schimmel says he's ready to retire after tackling one last obstacle: the city's retiree health care debt.

National Public Finance Guarantee confirmed that Weil, Gotshal & Manges was hired to replace Winston & Strawn as its counsel in the Stockton and San Bernardino bankruptcy proceedings.

An Arkansas legislative panel approved a full review of state investments by former Treasurer Martha Shoffner, facing federal charges of abusing her office.

The sentencing dates of more convicted municipal bond bid-riggers have been pushed back, according to documents filed with the U.S. district Courts for the Southern District of New York and Western District of North Carolina, as prosecutors seek stiffer penalties for price-fixing of investment contracts.

Detroit's restructuring plan illustrates how unfunded pension and health care liabilities threaten bond insurers, Moody's Investors Service said in a comment Monday.

Oklahoma is seeking legal assurance that a state university bond program is constitutional.

A lawsuit delaying Kenner, La.'s plans to issue $47 million of revenue bonds may add $2 million to the city's interest costs.