Bankruptcy

The University of Pittsburgh Medical Center accused Pittsburgh Mayor Luke Ravenstahl of suing it over its nonprofit status to cover a scandal in his administration, according to a court filing.

A day after Standard & Poor's downgraded Detroit four notches, with the city's emergency manager set to meet with creditors, Moody's lowered its rating on all the city's outstanding bonds, pushing water and sewer debt to speculative grade.

Stockton City Manager Bob Deis will retire Nov. 1 after three years on the job that included guiding the city into bankruptcy, officials announced Wednesday.

Stockton, Calif., officials said the city reached an agreement on health benefit claims with retirees in its bankruptcy case.

The Georgia Supreme Court unanimously ruled last week that use of school tax revenue to fund development projects, including the Atlanta BeltLine, is constitutional.

Moody's Investors Service says agreements with most investors in Jefferson County, Ala.'s defaulted sewer warrants would result in a 60% overall recovery rate, which is consistent with the agency's Ca rating.

A lawsuit filed in Cook County Circuit Court against the Illinois Department of Revenue claims changes made in 2012 to the state's charity care law that governs not-for-profit hospitals violates the state constitution.

Harrisburg's receiver warned that a summary judgment ruling for incinerator creditor Covanta could push Pennsylvania's capital city to file for bankruptcy.

Detroit emergency manager Kevyn Orr puts the odds of the city declaring bankruptcy at 50-50.

The federal judge overseeing the case against former JPMorgan bankers Charles LeCroy and Douglas MacFaddin denied the Security and Exchange Commission's request to set a trial date.

Testimony by former Treasurer Martha Shoffner is under review by lawmakers for possibly perjury following her indictment on 14 federal charges.

Detroit emergency manager Kevyn Orr will hold his first formal meeting with the city's creditors, including bondholders, June 14 at Detroit Metro Airport.

A federal judge in Rhode Island has agreed to let the state continue to implement electronic tolling equipment on the new Sakonnet River Bridge connecting Portsmouth and Tiverton.

Rhode Island could hurt itself "for decades" by not paying the $110 million moral obligation debt related to 38 Studios, municipal bond expert Matt Fabian told lawmakers.

Whether Rhode Island should pay $100 million of moral obligation debt related to the 38 Studios debacle triggered spirited discussion Thursday at the state capitol.

Ontario, Calif. officials filed a lawsuit to have their regional airport returned to local control following a three-year battle with Los Angeles officials.

Saying she wants to "light a fire" under attorneys in the case, U.S. Bankruptcy Judge Meredith Jury scheduled a summary judgment hearing on San Bernardino, Calif.'s eligibility for bankruptcy.

Moody's Investors Service late Wednesday downgraded Detroit Public Schools, now in its fifth year of state oversight, and the Pontiac City School District, located outside Detroit, which defaulted on a May debt-service payment.

Jefferson County, Ala.'s sewer debt deal Tuesday may help it exit the country's largest municipal bankruptcy but it could leave several unresolved legal issues important to the municipal bond market.

Creditors are asking the 11th Circuit Court of Appeal in Atlanta whether a bankruptcy judge can remove a state-court appointed receiver. Jefferson County is appealing the judge's ruling on the use of sewer system revenues during bankruptcy.