Bankruptcy

The county plans to sell $2.5 billion of tax-exempt sewer revenue warrants to refund the debt issued to finance its 2013 exit from Chapter 9 bankruptcy.

SIFMA, which also filed a brief, said the District Court judge's rejection of a bondholder lien on PREPA's revenues "grossly misreads the underlying bond documents."

Court-approved asset sales and bond exchanges are pushing a participant sports venue, a hospital, and a senior living community closer to exiting Chapter 11.

Owners of $284 million of defaulted bonds will get only $2.4 million in cash, along with a minority equity stake in Legacy Park's new owner.

The bankrupt city challenged pledged revenues for 2017 bonds, but the bankruptcy court said the lien was secured, at least until the Chapter 9 was filed.

A U.S. Bankruptcy Court hearing Monday will take up the university's winning bid for Mercy Hospital at last week's reopened auction.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

Legacy Cares, which filed for bankruptcy in May, is trying to sell Legacy Park, which was financed with now-defaulted bonds issued in 2020 and 2021.

Bond trustee UMB Bank informed owners of the defaulted debt they may have actionable claims related to the bonds' sale.

Trinity Regional Hospital Sachse filed for Chapter 11 bankruptcy after problems left it unable to pay municipal bond debt service or cover operating expenses.

The 32-bed Trinity Regional Hospital Sachse opened in 2021 and was funded through municipal bonds sold through the Wisconsin-based Public Finance Authority.

The state government says community hospitals will be awarded a combined total of close to $300 million of assistance. 

Nashville Senior Care, LLC's Chapter 11 filing impacts bonds sold through conduit issuers in Florida, Ohio and Tennessee.

While acknowledging disputed allegations of mismanagement and infractions on the part of venue owner Legacy Cares, the judge denied a motion by the U.S. trustee in the Chapter 11 bankruptcy to appoint an independent trustee or dismiss the case.

Mercy Hospital plans to sell facilities and other assets to the University of Iowa, which approved $20 million for the acquisition.

American Advanced Management signed a letter of intent for a lease-to-buy agreement for Hazel Hawkins Memorial Hospital in Hollister.

Bondholders, other creditors, and the venue's owner argued the U.S. trustee's move would be detrimental for a plan to sell the facility to maximize recoveries.

Amid bankruptcy proceedings, the project's owner and bondholders agreed to a plan to re-issue most of the defaulted debt.

The FOMB needs to return to its "deal mindset" so that we can end the bankruptcy at PREPA. While gaps remain between the FOMB's and bondholders' affordability analyses, they are not insurmountable.