Bankruptcy

Philadelphia City Controller Alan Butkovitz has recommended that the Pennsylvania Intergovernmental Cooperation Authority (PICA) accept the city's five-year budget plan while also warning against potential litigation from a new sugary drink tax.

Detroit announced plans to pay for higher contributions to its public safety pension fund by hiring fewer firefighters.

The National Federation of Municipal Analysts wants issuers to improve their disclosures about statutory liens and how they could affect general obligation bonds following a slew of recent municipal bankruptcies where this was a key issue.

S&P Global Ratings said it has lowered its long-term rating and underlying rating on the Puerto Rico Highway and Transportation Authority's subordinated transportation revenue bonds, series 1998, state infrastructure bank, to D (default) from CC, following a default on scheduled debt service due July 1, 2016.

A dispute over parking payments continues amid S&P Global Services' downgrade to junk bond status of bonds that funded a long-term parking lease.

Federal Chapter 9 policy is ill-defined and fluid, a bankruptcy expert said at a municipal finance conference at the Brookings Institution in Washington.

Negotiations continue on a proposed restructuring of $190 million of debt Lombard, Illinois issued for a hotel and conference center, amid a fresh default.

Former Alabama House of Representatives speaker Mike Hubbard was sentenced Friday to four years in prison on 12 felony corruption charges stemming from his role as a legislator

A judge is expected to rule this month on Chicago's latest effort to quash a lawsuit filed by retired city employees who want to preserve their healthcare subsidies.

Four senators urged President Obama and congressional leaders on Thursday to only nominate and appoint qualified individuals from Puerto Rico to serve on the oversight board to be created under recently passed legislation designed to help the commonwealth with its fiscal crisis.