Bankruptcy

Unless the United States Congress acts to modify Puerto Rico’s required debt payments, Puerto Rico won’t make the full May bond payment, Puerto Rico Gov. Alejandro García Padilla said.

Michigan Gov. Rick Snyder officially placed retired bankruptcy judge Steven Rhodes in charge of the proposed Detroit Public Schools restructuring, giving him the new title of “transition manager.”

The North Broward Hospital District in Florida saw Moody’s Investors Service drop its bond ratings three notches to Baa2 amid a severe decline in revenue and new probes into its operations.

New Jersey Gov. Chris Christie's veto of scheduled contributions to the state's pension fund won't be heard by the U.S. Supreme Court, providing short-term budget relief but leaving the state's pensions underfunded.

Falling tax assessments on Energy Future Holdings power plants could strain local budgets in six Texas counties as the company tries to emerge from the nation's largest corporate bankruptcy.

The retired judge who presided over the city of Detroit’s Chapter 9 bankruptcy case has been called upon to play a key role in the restructuring of Detroit Public Schools.

A new state legislative document showing that New Jersey can take control of Atlantic City finances under existing law highlights a plan that would prove more beneficial than a takeover bill lawmakers are weighing, Mayor Donald Guardian said.

Legislators are coalescing around a federal oversight authority for Puerto Rico that could take concerns over the commonwealth’s debt, pension, and economic crises and forge unique solutions using congressionally approved oversight and restructuring capabilities.

New Jersey can seize control of Atlantic's City finances under existing state law even absent passage of a takeover bill, according to a new memo.

Detroit City Mayor Mike Duggan warned that the city faces significant underfunding of its pension liabilities and hinted at a lawsuit against the team that led the city through its bankruptcy exit.