Bankruptcy

Underwriters must conduct thorough due-diligence, checking issuers' official statements and continuing disclosure agreements for completeness and accuracy, prior to underwriting their bonds, a Securities and Exchange Commission official warned lawyers here.

Assets of the shuttered, half-built Mamtek US Inc. plant in Moberly Missouri were auctioned Wednesday to help creditors – including holders of $39 million of defaulted revenue bonds – recoup some of their losses.

Scranton, Pa., officials have asked a court to let it borrow an additional $9.75 million, citing the need to plug further unexpected gaps by the end of the year.

Fitch placed the A rating of revenue bonds for Medford, Ore. continuing care retirement community Rogue Valley Manor on negative watch due to the potential impact of a lawsuit.

Rep. Dennis Kucinich has asked the Treasury Department to investigate whether it was appropriate to use Build America Bonds to help finance the construction of a large coal-fired plant known as Prairie State Energy Campus, which has experienced cost overruns and operational problems that are hurting municipalities, electric cooperatives and 2.5 million ratepayers across eight states.

Uncertainty in the muni market is rising as Jefferson County, Ala., appeals a federal judge's decision upholding a portion of the bankruptcy code that has protected bondholders so far.

Bankrupt Jefferson County, Ala., is on a course to make changes in its sewer system rates, with plans to hear from sewer rate consultant, Eric Rothstein.

Cranston, R.I., Mayor Allan Fung conveyed a sense of urgency in advance of a special City Council meeting on his proposal to reduce pension benefits for retirees.

Atwater, Calif. continued working to avoid bankruptcy when its city council adopted a financial plan to help close an estimated $3.3 million deficit

A Wisconsin judge has refused the state's request to stay during the appeals process his ruling that overturned portions of a controversial law curtailing bargaining rights for most public unions.

Opponents seeking to overturn the way Texas finances its public schools said Monday the current funding mechanism is inequitable and inadequate.

If either of the judges overseeing bankruptcy cases for two California cities allows CalPERS, the state's pension system, to be included on a list of creditors it could encourage other cities to declare bankruptcy.

The second scheduled auction of property belonging to Curt Schilling's failed video-game company 38 Studios will be held in Providence Tuesday.

The sudden breakup of hospital operator West Penn Allegheny's affiliation with insurer Highmark heightens uncertainty over hundreds of millions in bonds in a turnabout driven by adulterous sex and violence.

Walter Timpone, the defense attorney for one of the three convicted former banking executives in the muni bond bid-rigging trial is confident about an appeal.

No one can be certain, at this point, if more distressed cities in California will follow the path of Stockton, San Bernardino and Mammoth Falls, and file bankruptcy.

After hearing tearful requests for leniency, federal Judge Harold Baer imposed prison and fines on three former bankers convicted of municipal bond bid rigging.

Lehman Brothers Special Financing Inc. claims the trustee for Jefferson County, Ala.'s $3.2 billion of defaulted sewer warrants is improperly withholding its swap payments.

Concerns about bankruptcies in California and their impact on the municipal market are still front and center for investors in the Golden State though market participants don't expect a large number of new Chapter 9 filings.

A lawsuit was filed contending that public school districts in Georgia improperly used taxpayers' money to finance a campaign against a charter school ballot measure.