Bankruptcy

Ramapo, N.Y.’s A1 rating from Moody’s Investors Service is on review for downgrade in the wake of federal fraud charges alleging misstatements of financial reporting.

Atlantic City averted a shutdown of its schools with a $4.25 million payment made Thursday.

House Republican leaders plan to hold a policy meeting Friday morning with their members on pending legislation for Puerto Rico to try to gain more support for it.

In parallel actions on Thursday, the Securities and Exchange Commission and the U.S. district attorney for the Southern District of New York filed civil and criminal charges against Ramapo, N.Y., officials for misleading investors in connection with bonds issued to finance a minor league baseball stadium.

As Orange County, Calif., approaches the end of debt service payments related to its 1994 bankruptcy, it is lining up its first long term debt sale in a decade.

New Jersey Senate President Steve Sweeney, D-Gloucester, floated an alternative proposal aimed at saving Atlantic City from insolvency that sets additional benchmarks for the distressed gambling hub before his previously-proposed state intervention would take effect.

The Natural Resources Committee has indefinitely delayed the vote that was planned for Thursday on the Puerto Rico bill as its members, Treasury Department officials and other stakeholders continue to try to address the concerns raised about the measure and change its provisions to ensure they can get enough votes to pass it.

San Diego City Attorney Jan Goldsmith said he might file a lawsuit to keep the initiative off November’s ballot, possibly benefiting a competing initiative that would include a new stadium for the San Diego Chargers.

The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism.

With New Jersey Gov. Chris Christie pushing for a state takeover of Atlantic City, members of the Republican governor’s administration were grilled by lawmakers Monday for allowing the gambling resort to plunge into distress.