Bankruptcy

With the House Natural Resources Committee planning to release a new Puerto Rico bill on Wednesday and vote on it a week later, Treasury Secretary Jack Lew traveled to the commonwealth to hold meetings to drum up support for a legislative solution.

East Cleveland, Ohio says it is insolvent and bankruptcy is its best option to preserve essential public services in the city of 18,000, which has no bond debt.

A Chicago-based investment advisor faces jail time after pocketing more than $4 million from the sale of phony Chicago-backed securities that she described as "Chicago Anticipatory Notes."

Florida-based GrayRobinson PA has teamed up with Capitol Insight, an influential lobbying group that will complement its government relations and lobbying practice, the firm said Wednesday.

New Jersey Gov. Chris Christie said he would rather Atlantic City file for bankruptcy than send more money to the gambling hub, and will let the city file if lawmakers don’t approve the rescue bill he supports.

Municipal industry experts on Thursday urged analysts to continue focusing on how the presence of statutory liens can change the treatment of debt in bankruptcy proceedings and ratings analyses.

Two rating agencies flagged North Carolina’s implementation of House Bill 2 in upcoming bond offerings amid a national controversy over the law seen by some as discriminatory towards the LGBT community.

Donald Trump, the Republican presidential nominee, said Puerto Rico has to “cut its debt way down” in order to survive.

New Jersey Senate President Steve Sweeney, D-Gloucester, said Wednesday state intervention is the only solution to solve Atlantic City’s fiscal crisis as a result of the city’s failure to confront its financial mismanagement.

Puerto Rico has declared a moratorium on payments on an additional Puerto Rico Infrastructure Finance Authority bond issue.

A year after North Carolina inked its first public-private partnership with I-77 Mobility Partners, lawmakers have filed bills to terminate the $648 million pact amid investigations into the deal.

U.S. Treasury Secretary Jack Lew said concern for the people of Puerto Rico is the primary reason he wants lawmakers to adopt restructuring legislation for the commonwealth.

Debate began Tuesday in the Michigan House on a $715 million restructuring of Detroit Public Schools amid mounting growing pressure to act as the district’s fiscal crisis prompted a two-day district-wide “sickout.”

Treasury Department secretary Jack Lew on Monday sent a letter to congressional leaders warning them that further inaction on a bill to help Puerto Rico pending in the House could lead to a taxpayer-funded bailout.

The Cook County Clerk’s office has reversed course and signed off on the validity of Harvey, Ill.’s property tax levy request, raising hopes that the city will make good on bond payments.

Atlantic City, N.J., averted default Monday by making a $1.8 million debt service payment, but it’s far from certain the struggling city can make other such payments this year.

Puerto Rico imposed a moratorium on Government Development Bank principal payments Monday while also announcing two restructuring deals on the GDB debt.

Some investors in Harvey, Illinois debt report being stiffed on a bond payment, though the city has not made any disclosures through the EMMA system.

As Puerto Rico faces bond defaults on Monday and July 1 without legislative relief from Congress, analysts say new litigation is increasingly likely.

The future of pension obligation bonds remains cloudy in California in the wake of the haircuts imposed on their holders in the San Bernardino and Stockton bankruptcies.