Bankruptcy

The Seminole Tribe sued the state of Florida just days before expiration of an exclusive agreement allowing the tribe to offer lucrative card games at its casinos.

The Chicago Park District’s AA-plus Standard & Poor's rating won’t change solely because of a new legal challenge launched against its pension reforms.

Standard & Poor's revised the outlook on Los Angeles’s debt to stable from positive citing uncertainty from two lawsuits challenging the city's power revenue fund transfers.

Municipal professionals, insurers and bondholders criticized the United States Treasury’s proposal for a “Super Chapter 9” bankruptcy bill for Puerto Rico as dangerous.

Presidential candidate Sen. Bernie Sanders, I-Vt., has told Treasury Secretary Jack Lew that any debt in Puerto Rico that was issued in violation of the territory’s constitution “must be immediately set aside.”

Conventional wisdom that municipalities that file for bankruptcy “will never borrow in this town again” has not been found to be true, said panelists at The Bond Buyer’s California Public Finance Conference.

Allen Park, Mich., has delayed the settlement date for its purchase of $11.2 million of the $26.3 million of bonds offered to tender from a troubled issue for a failed movie studio project.

Resident Commissioner Pedro Pierluisi, D-P.R. and others testifying at a Senate committee hearing on Puerto Rico on Thursday said that it’s possible that some of territory’s debt may be unconstitutional and, if that is the case, it should not be paid.

The Treasury Department’s Antonio Weiss on Thursday will ask Congress to move swiftly to provide expanded Chapter 9 bankruptcy protection to Puerto Rico, as well as its authorities, and to provide other relief to the territory as it faces dire fiscal and liquidity crises.

Local credits in Michigan will be hurt if a proposal to give their unlimited tax general obligation bonds a statutory first lien falls through, Fitch Ratings said in a special report.