Bond defaults

"If successful in its motion, the trustee will harm not only patients, but also likely completely devalue all the bondholders' investments," Crossroads Health Management LLC said in a court filing.

The constitutionality of a state law that threatens outstanding bonds issued for a detention facility is being challenged by the U.S. Department of Justice.

Senior bonds most recently traded for 30 cents on the dollar.

Brightline Florida's financial statements for 2024 and 2025 by Ernst & Young LLP, filed Thursday on the Electronic Municipal Market Access website, warn that the company lacks the cash to cover pending debt payments

"We do good work," said Mike LaPierre, president of GPM Municipal Advisors, which acts as advisor and staff to the Public Finance Authority and the California Community Housing Agency.

The PFA owns nine bond-financed credits, ranging from proton cancer therapy centers to student housing. All but one are in default.

The risk of contagion to the rest of the high-yield market is limited, investors said.

The college's closure is the "tip of the higher ed iceberg," said a bond buyer.

Financial mismanagement and apparent revenue diversion led to events of default for centers owned by and financed through the PFA, the bond trustee said.

The city is in danger of defaulting on bonds in the next fiscal year, according to Local Government Commission officials who say they will intervene if needed.

The filing of a writ of mandamus with the state Supreme Court, comes a day after S&P revised its outlook on Otero County to negative.

St. Louis Community Ice Center drew on a debt service reserve to make payments on its unrated Series 2018A revenue bonds and defaulted on its 2018B bonds.

Otero County addressed an Open Meetings Act violation by reapproving a contract with ICE that generates revenue to pay off bonds for a detention facility.

Otero County's March 13 emergency meeting to avoid a bond default did not comply with the Open Meetings Act, the state's Justice Department determined.

At least two local agencies missed debt service payments after the Cook County, Illinois, treasurer's office was unable to issue property tax bills on time.

The offer was revealed in a disclosure statement and plan of reorganization in the Chapter 11 bankruptcy.

Jeffrey Puzzullo is the fourth person to plead guilty in the now-notorious Legacy Cares case.

The lawsuits argue that the owner of American Dream and East Rutherford, New Jersey, which sets tax assessments for the mall, colluded to depress its valuation.

Potential buyers besides Emory University include Georgia-based health systems, other proton therapy operators and private equity firms.

Subordinate bondholders will likely be wiped out.