Bond defaults

A charter school in San Antonio is expected to close at the end of the year, jeopardizing $25 million of municipal bonds the institution borrowed in 2022.

A federal court has given an outside debtor-in-possession loan "superpriority" over the bondholders' lien.

Management is hiring a municipal advisor to evaluate its financial strategy.

The Florida-based mining company failed to make $10 million in principal and interest payments due on Jan. 1. Florida had the largest number of defaults in 2024 at nine, per Municipal Market Analytics, Inc.

It's the latest mark of distress for proton treatment centers financed with speculative-grade municipal bonds.

Several metropolitan districts, which finance public infrastructure for housing developments, tapped contingent liquidity for debt service payments this month.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

Bondholders are prepared to loan up to $22 million to the hospital.

The borrowers had failed to make principal payment on November 1 due date, but have since remitted the funds.

Litigation in Arizona, Oklahoma, Texas, and Utah could determine bond issuance, culpability for defaults, or the constitutionality of underwriter bans.

The city of Clyde defaulted in August and recently revealed it used debt proceeds for debt payments in a manner that "disguised the deficit cash flow."

Eisner Advisory Group Partner Allen Wilen is the chief restructuring officer for Jackson Hospital & Clinic.

The borrower has missed the last five interest payments on the grant-backed bonds.

Clyde, Texas, missed payments on certificates of participation due Aug. 1, the same day it declared a water emergency. Bond insurers are paying the holders.

Fulcrum BioEnergy, which raised more than $1 billion to turn household waste into lower-emitting fuels for planes and trucks, is in danger of going under.

The troubled American Dream mall in New Jersey's Meadowlands benefited from a wider growth in consumer shopping demand.

Enviva's $353 million in tax-exempt bonds currently are among the liabilities at stake in the company's Chapter 11 bankruptcy.

Charter schools had the most impairments in the past 12 months.

While Kansas' sales tax and revenue (STAR) bond program recorded its first default late last year, Bonner Springs is considering using it for a development that includes a Mattel toy-themed amusement park.

While the number is high, the par amount affected is less than the first quarter of 2023 figures.