Bankruptcy

Whether the New York Insurance Department can appeal a ruling that ordered it to hand over e-mails and documents regarding the restructuring of bond insurer MBIA Insurance Corp. could be decided soon.

WASHINGTON — With financial regulators combing through pension reporting by state and local governments, the National Association of Bond Lawyers unveiled guidance Monday to boost issuers’ disclosure practices.

SAN FRANCISCO — The restructuring of $2 billion of San Joaquin Hills toll-road debt appears to have bondholders on board since the alternative is a likely default.

The board of the bankrupt Sierra Kings Healthcare District in California earlier this month approved a letter of intent to join Adventist Health.

CHICAGO — Michigan Gov. Rick Snyder warned Wednesday that 23 school districts across the state, most clustered around the Detroit area, qualify for a state takeover under its new emergency financial management law.

CHICAGO — Illinois could end the fiscal year owing more than $8 billion in bills, a level that underscores the need to cut spending in order to stabilize its balance sheet, Comptroller Judy Baar Topinka warned Wednesday.

The Municipal Securities Rulemaking Board has filed a rule change with the Securities and Exchange Commission that increases the price of a one-year historical transaction-data report to $2,500 from $600.

Under fire from congressional Republicans to slow down derivatives rulemaking, the Commodity Futures Trading Commission voted Wednesday to reopen and extend by 30 days the public comment period on proposed derivatives rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

WASHINGTON — This year will be the “toughest year so far” for state and local governments since the economic plunge began in 2008, with rating downgrades expected to outnumber upgrades, according to Moody’s Investors Service.

WASHINGTON — Market participants slammed the Municipal Securities Rulemaking Board’s new draft Rule G-43 for broker’s brokers, calling it everything from irresponsible to anti-competitive.

SAN FRANCISCO — Vallejo’s steep road out of bankruptcy has begun to level off, after one of its strongest opponents stopped fighting the California city’s plan to exit bankruptcy.

SAN FRANCISCO — The city of Montebello in Los Angeles County, with more than $100 million in debt, may go bankrupt if it is unable to get a bridge loan in the next six months, according to a city official.

DALLAS — Seeking to forestall default on $127 million of stadium bonds, the Harris County Houston Sports Authority is challenging a UBS Investment Bank demand for a $26.75 million swap termination fee issued last week.

BRADENTON, Fla. — The Connector 2000 Association Inc. was expected to begin the exchange of restructured bonds on Monday as part of the South Carolina toll road operator’s bankruptcy plan, which went into effect last week.

With an airline lawsuit behind it and structural tinkering completed, Chicago will enter the market this week with $1.1 billion of mostly new-money revenue bonds to finance the next phase of projects under an $8 billion expansion program at O'Hare International Airport.

Indiana lawmakers will debate whether to allow municipalities to enter into bankruptcy as they hammer out final differences to a bill passed by both chambers but stripped of the Chapter 9 option by the House.

With federal financial regulators scrutinizing Rhode Island's bond offerings and pension disclosures, the state has hired disclosure counsel to review its practices and pave the way to issuing new bonds.

Clifton Gunderson LLP will help Harrisburg with its overdue 2009 audit and its 2010 audit.

WASHINGTON — A bill by House Republicans that would delay implementation of derivatives rules has sparked a firestorm of controversy, with officials and lawmakers trading jabs over the pace of regulatory reform.

CHICAGO — Detroit’s two pension funds late Monday filed a lawsuit against Michigan Gov. Rick Snyder and Treasurer Andy Dillon over the state’s controversial emergency financial management law.