Bankruptcy

The Little Rock, Ark., Board of Directors last week approved a series of four rate increases for the Little Rock Wastewater Utility through 2016 to finance construction of facilities needed to comply with a 2001 lawsuit settlement.

The Financial Industry Regulatory Authority ordered five firms — Neuberger Berman, Lawson Financial, Edward D. Jones, Estrada Hinojosa and UVEST Financial — to pay a total of nearly $120,000 in fines and restitution for violations of municipal securities rules.

Moody's Investors Service pushed Detroit further down into junk-bond territory over escalating political risks that challenge the beleaguered city's ability to give its fiscal consent agreement with Michigan enough time to stabilize the city's finances.

BRADENTON, Fla. — The National Environmental Policy Act was violated when the Nuclear Regulatory Commission approved Georgia’s Vogtle nuclear plant licensing, environmentalists have argued in a federal appeal.

An Ingham County, Mich., Circuit Court judge threw out a lawsuit challenging Detroit's consent agreement with Michigan, allowing the city to narrowly avert a cash crisis that threatened its ability to make a Friday bond payment.

Harrisburg's new state-appointed receiver wants the City Council to approve two hires and a tax increase under the proposed financial recovery plan for Pennsylvania's capital by Monday, or he might ask the Commonwealth Court to force the city to implement them.

Jefferson County, Ala.’s bankruptcy case administrator must search for new members to serve on a committee representing unsecured creditors, Judge Thomas Bennett ruled last week.

Receivership looms for Woonsocket, R.I., after a bill allowing the city to assess a 13% supplemental property tax levy to cover a $10 million budget gap died in the Rhode Island House early Wednesday.

Fitch Ratings slapped a beleaguered Detroit with a downgrade to CCC Tuesday as Mayor Dave Bing ordered the city’s top lawyer to drop a lawsuit challenging the two-month old consent agreement between the city and Michigan.

A three-member Michigan Court of Appeals Friday ruled that a petition to overturn the state’s emergency management law could go on the ballot, then immediately stayed the ruling to poll the full 28-judge appellate bench on whether to reconsider the issue.

Dixon, Ill., has sued the city’s auditors for failing to uncover former Treasurer Rita Crundwell’s alleged embezzlement of more than $50 million.

WASHINGTON — The Virginia Resources Authority withdrew a $46 million chunk of its nearly $400 million pool bond issue last month and is reissuing it in a stand-alone deal scheduled to close next week, after a group of citizens questioned the legality of the transaction.

The analogy hit Anthony Figliola right away when 38 Studios, Curt Schilling's beleaguered video-game company in Providence, filed for bankruptcy.

A federal judge rejected a request by the U.S. Justice Department to use sections of certain audio files as evidence in the upcoming bid-rigging trial against former UBS Financial Services bankers Peter Ghavami, Gary Heinz and Michael Welty.

A Dauphin County judge sided with the Harrisburg, Pa., controller and treasurer in a dispute with Mayor Linda Thompson over the right to authorize electronic payroll.

The Scranton, Pa., City Council agreed to reconsider covering a $1 million debt payment to the Scranton Parking Authority, which is now in default.

Moody's Investors Service downgraded $1.75 billion of San Jose Redevelopment Agency bonds to junk after the city of San Jose said a default was possible because of a conflict over tax revenue with Santa Clara County.

Michigan officials said that an upcoming bond deal that is critical to keep Detroit's finances stable will be derailed if city officials proceed with a lawsuit challenging the city's recent consent decree with the state.

BRADENTON, Fla. — After the sale of $673 million of bonds to finance most of North Carolina's second toll road — the 19.7-mile Monroe Connector — the project has stalled.

Fitch Ratings downgraded $93 million of bonds issued on behalf of Aspire Public Schools to junk because of a lawsuit that could end the charters for half of its schools.