Bankruptcy

Proposed House legislation designed to help Puerto Rico is moving to the full floor with light amendments after a 29-10 House Natural Resources Committee vote on Wednesday.

Debt gone wild at the teetering Penn Hills, Pa., School District has raised the specter of criminal probes after a scathing report by Pennsylvania's state auditor.

Leaders of the House Natural Resources Committee and Rep. Pedro Pierluisi on Tuesday night urged their colleagues to approve a bill to help debt-ridden Puerto Rico, even though they may not support certain provisions or worry the measure does not go far enough.

A school district in Will County, Illinois faces a federal probe of its former superintendent's dealings, including the handling of bond funds.

Analysts said the minimal allotment to debt service and a lack of other spending cuts add fuel to the argument that an outside control board, as being considered in the U.S. House of Representatives, is needed.

Atlantic City would avoid an immediate default and get more time to avert a state takeover under compromise legislation moving forward in the New Jersey legislature.

Chicago would raise its contributions to its laborers’ pension fund by at least 30% annually under a new plan to stabilize the fund and steer it away from its path to insolvency.

Hedge funds holding more than $750 million of the debt of Puerto Rico’s Government Development Bank revived a lawsuit, accusing the government of “changing the rules of the game” by amending its debt payment moratorium law.

The credit crisis in Puerto Rico may give Congress an opportunity to pass legislation that would allow direct regulation of state and local issuers, municipal market participants said Saturday.

Fitch Ratings upgraded Jefferson County, Ala.’s general obligation and issuer default ratings to A from BBB, saying that the county has put finances on a “strong footing.”