Bankruptcy

A federal court judge has approved Miami's $1 million settlement with the Securities and Exchange Commission over charges the city acted fraudulently in taking steps to hide its deteriorating financial condition from bondholders.

Atlantic City Mayor Donald Guardian said he is optimistic that the city's turnaround efforts will be accepted and a state takeover averted.

In a sign of the challenges the federal board overseeing Puerto Rico’s debt workout may face, the island’s power authority’s deal to restructure more than $8.3 billion remains mired in litigation.

The tax supporting a $38 million bond deal for a rural Alabama hospital faces a legal challenge, though supporters say a state constitutional amendment on the Nov. 8 ballot should cure the problem for Chilton County and other localities, including Jefferson County.

Atlantic City officials unveiled a five year financial rescue plan Monday night that they hope will be enough to prevent a state takeover.

The Puerto Rico Oversight Board urged the judge in four key Puerto Rico debt cases to continue a freeze on the litigation.

Princeton University’s settlement to end litigation claiming it should pay property taxes on certain Princeton, N.J. properties is a credit positive for both the school and the local government, according to Moody’s Investors Service.

Underwriters’ counsel should be more proactive in keeping up to date with regulators’ concerns and then communicating those to their underwriter clients, a dealer official said here.

Nassau County Executive Ed Mangano and Oyster Bay Town Supervisor John Venditto were arrested on federal corruption and bribery charges.

Wayne County, Michigan was released from state oversight but expensive challenges remain, said county executive Warren Evans .