Bankruptcy

The Illinois Board of Education has opened an investigation of Chicago school finances, the latest sign tensions between Chicago Public Schools and Gov. Bruce Rauner.

Lawyers and others following two Puerto Rico cases pending before the Supreme Court are divided about how the death of Justice Antonin Scalia will affect the forthcoming rulings.

Hillview, Ky., and its largest creditor, Truck America, will undergo new court-ordered mediation after conducting settlements talks that failed to resolve a $15 million claim against the city, which has filed for bankruptcy.

A new Atlantic City rescue bill proposed Wednesday would give New Jersey increased power over the city's finances in an effort to avoid bankruptcy.

The City of Philadelphia has added its backing to an ongoing lawsuit against Pennsylvania officials over the state's school funding formula.

Continuing turmoil at the College of DuPage, Ill., cost the two-year school one of its triple-A ratings as Standard & Poor's cut it two notches to AA.

With Kansas lawmakers already working to close a $200 million budget gap, the state now must now address a court order to fix the school funding formula by June 30.

State governors and other public officials who warned that new Environmental Protection Agency regulations could cause significant economic harm to their states and localities are hailing the Supreme Court’s decision to place a stay on the EPA’s plan.

The U.S. Justice Department filed suit against Ferguson, Mo., after the city rejected portions of a negotiated consent decree stemming from a fatal police shooting, adding more financial uncertainty for the city’s already junk-rated credit.

Rep. Sean Duffy said on Wednesday that final legislation to help Puerto Rico is still taking shape but will include “secret sauce” in the form of a combination of debt restructuring and financial oversight and “sugar and spice” through bipartisan steps to incentivize investment on the island.