Bankruptcy

Senate Democrats and Independents joined together on Wednesday to call for swift action to write and pass legislation that authorizes debt restructuring for Puerto Rico.

New Jersey’s top elected officials Tuesday announced a deal with Atlantic City Mayor Donald Guardian to allow increased state intervention to keep the struggling city out of bankruptcy.

Richard Ravitch, James Spiotto and Lois Scott are among the municipal leaders who've started an advocacy group to help local governments face what it describes as the "uncertain future" of public pension plans.

A King County, Wash. Superior Court judge has struck down a voter-approved ballot measure that would have lowered taxes unless the legislature adopted a new constitutional amendment giving more control of tax increases to voters.

Additional executive powers are being restored to Flint, Mich.'s mayor in a move backed by Gov. Rick Snyder to help the city deal with its water contamination crisis.

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.

New Jersey Gov. Chris Christie allowed legislation to create an Atlantic City financial rescue package to lapse, leaving the struggling gambling hub at risk of running out of cash by April.

Atlantic City Emergency Manager Kevin Lavin stopped short of recommending bankruptcy in his second report on the financially strapped Jersey Shore gambling hub.

Michigan Gov. Rick Snyder is requesting a federal emergency declaration and supporting a shift of more executive powers back to Flint Mayor Karen Weaver as the city grapples with a water crisis that could cost more than $1 billion to fix.

Only Congress can take the necessary steps to fully resolve Puerto Rico's debt crisis, Treasury Secretary Jack Lew said in a letter to congressional leadership on Friday.

Three New Jersey Senators announced plans Tuesday to introduce legislation that would have the state assume management of Atlantic City’s troubled finances.