Bankruptcy

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.

San Bernardino is on track to exit bankruptcy by the end of the year, City Attorney Gary Saenz said.

Ferguson, Missouri’s bond ratings fell deeper into junk territory amid the fiscal strains of dealing with fallout from a controversial 2014 fatal police shooting.

A vote on the Puerto Rico bill may be stalled until mid-July as many, including unions and other groups, press for changes to address concerns over debt restructuring and oversight board provisions as well as to protect the island's pensioners

A new bill proposed in the New Jersey State Senate would allow financially distressed Atlantic City and other coastal municipalities to end costly lifeguard pensions.

Kentucky’s Attorney General Andy Beshear has asked the Executive Branch Ethics Commission to probe improprieties of public corruption alleged by Gov. Matt Bevin.

A $3.4 billion project designed to deliver water to the San Antonio Water System is facing delays after Abengoa S.A., the company hired to build the 142-mile pipeline, filed for bankruptcy.

Hillview, Ky., has filed a motion to dismiss its Chapter 9 bankruptcy case based on a settlement with a creditor that Moody's Investors Service said may prove unaffordable for the small city south of Louisville.

A Michigan House committee will take up the next round of discussions on the proposed Detroit Public Schools restructuring.