Bankruptcy

Stockton's filing for bankruptcy protection Thursday has already sparked a war of words between the city and one of its largest creditors.

Michigan officials Friday were hoping to win an extension from Bank of America Merrill Lynch on the payment due date on $80 million of privately placed notes to win more time to settle a dispute with Detroit and move forward with a planned refinancing.

The Rhode Island Economic Development Corp. has hired outside counsel to explore a clawback of money the state stands to lose amid the demise of video game company 38 Studios.

Landmark at Doral CDD bondholders won title to the land with a stalking horse bid of $67.5 million when no bidders came forward at auction.

Stockton, Calif. formally filed for Chapter 9 municipal bankruptcy Thursday.

Thursday's historic Supreme Court ruling was the best of the likely rulings for the non profit health care sector. But the decision upholds a law that features a host of challenges for the already-challenged sector.

A feud between San Jose and Santa Clara County, Calif. over redevelopment tax money that may have led to defaults and has spread uncertainty across the sector appears to have ended.

Standard & Poor's lowered its rating on Stockton, Calif., to D from "selective default" after the city said it would file for Chapter 9 bankruptcy.

Moody's Investors Service downgraded various debt supported by Stockton, Calif.'s general fund to Caa3 after the city announced it would skip payments as it enters bankruptcy.

Edward Moran says such a move by investors could help keep the struggling company behind the Yankee Stadium garage project out of bankruptcy.

The municipal market will carefully watch the bankruptcy of Stockton, Calif., set to become the third largest debt issuer to file for Chapter 9 protection.

Harrisburg, Pa., receiver William Lynch chose the Lancaster County Solid Waste Management Authority to enter into exclusive negotiations to purchase the incinerator that has become the face of the city's debt crisis.

The U.S. Supreme Court Monday denied a request by Florida and Alabama to review the so-called tri-state water war case the two states are fighting against Georgia about water from the Lake Lanier reservoir.

In a court filing Sunday, Jefferson County, Ala., said that major creditors holding the county's sewer debt have been invited to "testify" before the County Commission at its next sewer rate hearing on July 24.

The Texas Charter School Association filed a lawsuit June 26 contending that the state formula for funding public education violates the Texas Constitution.

The Harrisburg, Pa., City Council has launched another legal attempt to fight receivership in Pennsylvania's distressed capital city.

The Stockton, Calif. City Council voted Tuesday night to file for bankruptcy as part of a plan to try to keep the city solvent after city officials said negotiations with creditors failed.

Members of East St. Louis' elected school board last week mounted a legal challenge to Illinois' decision to take over the troubled district and disband the local board, according to published reports.

Stockton's City Council will consider whether it will become the largest city ever to file for bankruptcy protection Tuesday night after negotiations with creditors ended on Monday.

While the Governmental Accounting Standards Board's new accounting standards announced Monday will improve financial reporting for public pension plans they also will put added pressure on cash-strapped state and local governments to reform their systems.