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.

Senate Finance Committee chair Orrin Hatch on Wednesday demanded Puerto Rico Gov. Alejandro Garcia Padilla provide detailed financial information by March 1 and said he wants to come up with a plan to help the commonwealth by the end of that month.

New Britain, Conn.'s bond rating has soared, thanks to a turnaround led by twentysomething Mayor Erin Stewart.

Morgan Keegan & Co. Inc. will pay $850,000 to settle securities fraud charges brought by Missouri Secretary of State Jason Kander over the firm's underwriting of $39 million of bonds issued for a failed artificial sweetener plant.

A House committee will hear Treasury's Antonio Weiss discuss an analysis of Puerto Rico on Feb. 25, as lawmakers coalesce around a bill that would give the territory's authorities bankruptcy access in return for creation of a financial stability council.

Representatives for Puerto Rico on Friday said the cash-strapped commonwealth plans to pursue its recently proposed debt exchange with creditors holding tax-supported debt even if the territory eventually gets access to bankruptcy or some other type of restructuring process.

A judge granted Atlantic City a 45-day reprieve from the Borgata casino seizing city assets to collect $170 million in tax appeals it owes in hopes the two sides can come to a debt payment agreement.

The holders of $50 million in pension obligation bonds have reached a tentative agreement with San Bernardino in its Chapter 9 bankruptcy.

Jefferson County, Ala., faces another court test more than two years after its exit from bankruptcy was approved.

The Washington Metropolitan Area Transit Authority’s chief financial officer on Thursday contradicted press reports that the authority may have to have discussions with its bondholders to ease its debt.

The Supreme Court has set March 22 as the date it will hear oral arguments on an appeal of a lower court ruling that a local Puerto Rico restructuring law is not allowed under federal bankruptcy law.

The Port of Oakland has lost its second-largest terminal operator, a blow that Fitch Ratings said should be manageable.

Recent opinions issued by the California attorney general’s office may have some municipal advisors and broker-dealers treading carefully to avoid breaking Municipal Securities Rulemaking Board rules.

The Chicago school district, bringing $875 million to market Wednesday after a week's delay, is amplifying its support for the idea that the bonds' pledged tax revenue stream could survive a Chapter 9 bankruptcy.