Bankruptcy

Putting bondholders on notice, Detroit Emergency Manager Kevyn Orr said restructuring the city's debt is essential to the city's survival and outlined four options he is currently considering in a new report released Sunday.

San Bernardino, Calif., and creditors like CalPERS can't agree what numbers to argue over as the city prepares to ask a federal judge to declare it eligible for bankruptcy.

Orange County, Calif. loses its dispute with state Department of Finance over more than $73 million in property taxes in a conflict with roots in the county's bankruptcy.

Pennsylvania lawmakers introduced bills they say would enhance state oversight of municipal financing deals and prevent another Harrisburg-type fiasco.

Morgan Keegan & Co. Inc. denies any wrongdoing and attacks as overtly biased Missouri Secretary of State Jason Kander's petition alleging securities fraud in its role as underwriter of Moberly, Missouri's $39 million of defaulted bonds.

Detroit's Emergency Manager is expected to unveil his highly anticipated report on how to restructure the city's operations and debts on Monday.

Cincinnati attorneys told a federal appeals court Monday that a legal challenge to the $197 million plan to privatize the city's parking system will force the city to lay off hundreds of employees to offset budget shortfalls.

A judge ruled last week that several Kansas City, Mo. business owners behind a lawsuit challenging the legality of the funding mechanism for the city's proposed $102 million, two-mile downtown streetcar line don’t have to file a bond to proceed with their appeal.

A judge last week ordered Detroit Emergency Manager Kevyn Orr, the state budget director and another state official to be deposed in a lawsuit contesting Orr's appointment.

A Travis County civil court judge has denied a request for a restraining order seeking a halt to voting on $892 million of general obligation bonds sought by Austin ISD.

Assured Guaranty Ltd. announced Monday that it has reached a settlement with UBS in a dispute over $1.5 billion of residential mortgage-backed securities transactions.

Highmark Inc., which closed on a $604 million deal to take over teetering West Penn Allegheny Health System, is now under rating agency glare.

Allentown, Pa.'s 50-year, $220 million water and sewer lease deal with Lehigh Valley Authority to plug a pension gap is a credit positive, said Moody's.

MBIA Insurance Corporation said it will receive $110 million for dropping its mortgage-backed securities lawsuit against Flagstar Bank.

After two years of running the troubled Detroit Public Schools, Roy Roberts announced Wednesday morning he will step down from the post in two weeks.

A Virginia Circuit Court judge has ruled that the financing mechanism of the Elizabeth River Crossings project in the southeastern part of the state is unconstitutional, calling into question the future of the multi-billion dollar public-private partnership and other Virginia P3s.

Financially strapped Miami has notified bondholders that the Catholic Archdiocese has filed a lawsuit against the city seeking $89 million dollars in damages, plus interest, attorneys' fees, and expenses.

The Jefferson County, Ala., Commission thought it had landed a state Supreme Court justice as a replacement for the recently retired county attorney but the attorney backed out less than a week later.

Fitch Ratings on Tuesday became the third agency to withdraw its rating on $131.2 million of defaulted toll-bridge bonds issued by north Florida's Santa Rosa Bay Bridge Authority.

While MBIA's bid for summary judgment on the issue of Bank of America's successor liability for Countrywide was denied, the ruling was not all bad news for the bond insurer.