Bond defaults

A project that dealt municipal bond investors one of the biggest high-yield defaults of the past decade is about to ask them for more cash

The hiring of an underwriter moves the city closer to a debt restructuring that is called for in a legal agreement with holders of defaulted bonds.

The Great Lakes Senior Living Communities is working with holders of its $380 million of debt to raise funds for needed capital expenses

According to disclosure notices, payments on two series of bonds issued in 2017 weren’t made on July 1 because of insufficient funds.

The two issuers that defaulted suffered from pre-existing conditions, according to Moody's analysts.

S&P said the rating on the senior living revenue bonds Capital Trust Agency issued for borrower H-Bay Ministries Inc. of Texas will now be withdrawn in 30 days.

Final payouts are approaching for $170 million of defaulted BHF bonds with haircuts ranging from less than 10% to more than 50%.

The Westin Lombard Yorktown Center in Chicago's suburbs reopened over the summer, but isn't drawing enough business to cover a Jan. 1 debt service payment.

As travel declines during the coronavirus pandemic, munis backed by tourists' cash may come under increasing financial pressure.

Federal CARES Act grants and loans, and bond market access, have helped mitigate the financial damage to hospitals caused by the pandemic.