Bankruptcy

A court ruling Thursday offered a mixed outcome for Chicago’s effort to phase out most retiree healthcare subsidies.

Biotech Amgen has agreed to pay $95 million to settle a class action filed on behalf of investors with Connecticut Retirement Plans and Trust Funds as lead plaintiff.

The Hawaii House and Senate overrode the governor's veto of a bill he said could lead to a downgrade of the state's bonds.

Six hedge and investment funds holding Puerto Rico general obligation bonds sued Puerto Rico leaders Wednesday, seeking the government to use its money to pay GO bonds.

The Federal Housing Administration said it will begin insuring mortgages on certain properties that include PACE assessments if the obligation is treated like a property tax and it does not have priority status over the FHA mortgage lien.

A federal appeals court ruling that allows Fort Worth, Texas, to reduce pension benefits is a positive credit factor for the city and others seeking to adjust to growing obligations, according to Moody's Investors Service.

A Michigan board has authorized key pieces of the $617 million restructuring of the Detroit Public Schools amid lingering market questions over the fate of the district's bonds.

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.

S&P Global Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation secured debt to D (default) from CC following the commonwealth's default on debt service due July 1.

The two California cities that have done the most to challenge public employee pensions say court challenges have not daunted their efforts to shrink employee benefits to match revenues.

The Puerto Rico Aqueduct and Sewer Authority will delay payments on loans and renegotiate loan agreement terms under U.S. state revolving fund and rural development programs, according to two forbearance agreements detailed in an event notice posted on EMMA on Wednesday.