Bankruptcy

LOS ANGELES - A judge rejected the Las Vegas Monorail Co.'s third amended plan to exit bankruptcy on Friday even though 97% of the bondholders voted in favor of it.

BRADENTON, Fla. - The federal judge in Jefferson County's bankruptcy said Monday that he is inclined not to remove the Alabama state court-appointed receiver of the county's sewer system, though he is expected to decide whether to limit the receiver's rate-setting powers.

The status of a bankruptcy filing of compelling interest to the municipal finance and legal industries will be in the hands of a federal judge in Harrisburg, Pa., this week.

WASHINGTON - An industry group urged a federal bankruptcy judge not to remove the court-appointed receiver for Jefferson County's sewer system, warning such a move would negatively impact revenue bond financing for infrastructure projects nationwide.

Pennsylvania Gov. Tom Corbett on Friday nominated 30-year public finance veteran David Unkovic to be state-appointed receiver for Harrisburg.

BRADENTON, Fla. - Federal bankruptcy Judge Thomas Bennett on Monday will hear the first major arguments in Jefferson County's massive bankruptcy case to determine if a receiver should remain in charge of the county's sewer system.

CHICAGO - Michigan Gov. Rick Snyder said Thursday he expects Detroit officials will soon request a preliminary financial review - the first step toward a state takeover of the city.

A parcel tax that will help the struggling Doctors Medical Center stay afloat passed with nearly three-fourths of the vote on Tuesday.

CHICAGO - Almost out of cash to keep operating, an upscale retirement facility in downtown Chicago financed with $229 million of bonds filed for Chapter 11 bankruptcy this week after the failure of negotiations with a group of investors aimed at buying the facility breathing room.

BRADENTON, Fla. - The first-ever statewide PACE program, which already has $2 billion of validated bonding capacity from a Florida court, is on an aggressive track toward implementation with the selection of nationally recognized financial advisors.

SAN FRANCISCO - After trailing in election-night counts, a sales tax measure in Vallejo, Calif., meant to help the beleaguered city restore services has mounted a comeback in late vote tallies to take a slim lead with ballots left to be counted.

WASHINGTON - UBS Financial Services Inc. was fined $300,000 by the Financial Industry Regulatory Authority for failing to supervise and prevent excessive cross-trading of municipal securities between the customer accounts of one broker for a two-year period.

BRADENTON, Fla. - Assured Guaranty Ltd. said Tuesday that it will reconsider insuring the bonds of municipalities and states that don't have a process to review and approve local bankruptcy petitions, citing Alabama as a primary example.

East Providence has joined Central Falls as a Rhode Island municipality under state oversight.

While Pennsylvania officials prepared to implement a takeover of Harrisburg after a deadline passed for the city to submit a recovery plan, another domino fell in the capital city.

The attorney representing the Harrisburg City Council in its bankruptcy filing is asking the Internal Revenue Service and the Securities and Exchange Commission to investigate the financing of the incinerator renovation project that left Pennsylvania's capital city with $310 million of bond debt and on the cusp of a state takeover.

WASHINGTON - In the first decision of its kind stemming from class action litigation over the collapse of the auction-rate securities market, a federal appeals court panel in New York ruled Monday that Merrill Lynch & Co. had adequately disclosed to customers that it was preventing auctions from failing.

The Royal Bank of Scotland has withdrawn from three suits against municipal bond insurer MBIA Inc.

BRADENTON, Fla. - Since Jefferson County, Ala., filed the county's largest municipal bankruptcy in history last week, attention has largely focused on the county's $3.14 billion of nonrecourse sewer system debt.

BRADENTON, Fla. — Standard & Poor’s on Friday slashed the rating on Jefferson County’s sole investment-grade credit to junk in response to the government’s filing for bankruptcy.