Bankruptcy

A court’s refusal to block the federal Clean Power Plan rule is a credit negative for big coal-fired generators, cities that issued bonds to finance units, and for coal-dependent states, Moody's Investors Service said.

Atlantic City, N.J. is moving closer to default and a possible bankruptcy after New Jersey Gov. Chris Christie’s veto of a financial rescue package, according to Moody’s Investors Service.

Atlantic City’s already junk-level general obligation debt rating was slashed four notches to CCC-minus from B by Standard & Poor’s, citing a “near-term liquidity crisis.”

The Association of Financial Guaranty Insurers is urging House and Senate leaders to pursue federal oversight of Puerto Rico but avoid bankruptcy access for the commonwealth.

Atlantic City officials will discuss the possibility of filing for bankruptcy protection at an emergency city council meeting.

Financial Guaranty Insurance Co. filed a suit against Puerto Rico Gov. Alejandro García Padilla and members of his government, the latest challenge over their diversion of revenues from Puerto Rico authority bonds.

The Allentown, Pa., City Council voted no confidence against Mayor Ed Pawlowski, who says he won't resign as an FBI corruption probe hovers over City Hall.

A House committee panel hearing next week on the need for a federal financial oversight authority in Puerto Rico could pave the way for a legislative package to address the territory's problems by the end of March, according to congressional aides and lobbyists.

Atlantic City Mayor Donald Guardian is eyeing bankruptcy after Gov. Chris Christie rejected a financial rescue package.

Rep. Brad Montell, R-Shelbyville, wants the Bluegrass state to study municipal bankruptcy laws around the country, and determine if the state should institute an oversight program.