Bankruptcy

The Illinois Supreme Court agreed Thursday to hear a direct appeal of a Circuit Court decision leaving intact a state overhaul of retiree health care benefits.

Minneapolis-based Fairview Health Services and South Dakota-based Sanford Health have canceled discussions over a possible union due to mounting opposition in Minnesota.

Standard & Poor's said in a report Monday that Stockton's eligibility for bankruptcy will likely have an impact on local governments in distress.

The National Federation of Municipal Analysts said Wednesday they have filed an amicus curiae brief in California Superior Court in support of a lawsuit filed by insurer Syncora Guarantee over laws extinguishing redevelopment agencies in the state.

San Bernardino plans to resume payments to the California Public Employees' Retirement System on July 1, but it's unlikely it will be able to repay missed payments, said Mayor Pat Morris.

New Orleans has been ordered to pay $17.5 million plus interest to the city firefighters' pension fund for its 2012 obligations.

A lawsuit challenging the appointment of new Detroit emergency manager Kevyn Orr has been dropped.

Ambac Financial Group, Inc. has agreed to settle with the Internal Revenue Service for $102 million, which will bring it one step closer to completing its reorganization plan.

New York's Nassau County is suing its control board, the Nassau Interim Finance Authority.

The judge overseeing Jefferson County, Ala.'s bankruptcy set a hearing May 9 to discuss the schedule for filing a plan of adjustment. The county says it is making headway in the nation's largest Chapter 9 case.

Gov. Tom Corbett has ordered a rebid of an IT contract and reviews of all vendors named in the Pennsylvania Turnpike Commission pay-to-play scandal.

The key substantive issues differ in the Stockton, Calif., and Central Falls, R.I., bankruptcy filings, said Theodore Orson, the Chapter 9 attorney for Central Falls.

Now the question is how long will it take Stockton to exit bankruptcy? And how will Stockton reorganize its debts to put the city on a path to fiscal stability?

A group of four city council members, including one from Cleveland, have asked the Ohio Attorney General to launch an investigation into the controversial bond-financed Prairie State Energy Campus that opened last year after cost overruns and delays.

Finance officials for San Bernardino, the southern California city going through bankruptcy proceedings, plan to present a balanced budget that includes future payments to CalPERSg.

Missouri Secretary of State Jason Kander issued a cease-and-desist order against the former Morgan Keegan & Co. Inc. for alleged fraud in its role as underwriter on $39 million of defaulted revenue bonds issued by a Missouri city for a now abandoned artificial sweetener plant.

San Bernardino, Calif., in bankruptcy proceedings, has hired Orange County-based Urban Futures on a contract basis in lieu of hiring a finance director and filling other vacant finance department positions.

Moody's Investors Service says a reduction of California Employees' Retirement System debts in Stockton's bankruptcy reorganization would have major ramifications for bondholders and California municipalities.

The New York Appellate Court today overturned a summary judgment ruling regarding how MBIA can seek to recover losses from Bank of America Corporation.

Minnesota Attorney General will hold hearings beginning next week to probe South Dakota-based Sanford Health's possible acquisition of Minnesota-based Fairview Health Services.