Law and legal issues

Michigan Gov. Rick Snyder will take the stand as soon as Monday to testify in Detroit's historic bankruptcy case.

Delays to pivotal transactions in the Harrisburg Strong plan could force Pennsylvania’s capital city to miss payroll as soon as December, an attorney told the City Council.

Detroit enters the most critical stage of its historic bankruptcy case Wednesday as the trial begins to determine the city's eligibility to enter into Chapter 9 protection.

The Illinois Supreme Court last week overturned the state's two-year-old internet tax finding it violated federal law.

The Detroit City Council Monday unanimously rejected a debtor in possession loan, a move that doesn’t kill the deal but does delay it.

The restructuring plan proposed by bankrupt Jefferson County, Ala., is novel in public finance, and other defaulted issuers are using it, according to Moody's.

Promoters of a $500 million bond proposal to add storm shelters to Oklahoma schools last week asked the state Supreme Court to throw out changes to the ballot question made by state attorney general Scott Pruitt.

The federal bankruptcy judge presiding over Jefferson County, Ala.'s Chapter 9 case tossed out billions in claims sought in two major suits.

The California Public Employees' Retirement System plans to appeal the bankruptcy court ruling declaring San Bernardino eligible to be in Chapter 9 bankruptcy.

Jefferson County, Ala., commissioners threatened to back out of a sewer warrant refunding critical to exiting bankruptcy without new haircuts from creditors.

The Detroit City Council is expected to vote Friday or Monday on a $350 million debtor-in-possession financing the city wants to use to pay off its interest-rate swaps.

The U.S. Supreme Court refused to hear California Gov. Jerry Brown's appeal of a lower court ruling that the state cut its prison population by 9,600 prisoners.

Detroit's move to secure debtor-in-possession financing marks a first for Chapter 9, one that, if successful, could pave the way for other bankrupt or cash-strapped cities, municipal bond experts said.

More than a year after closing the books for 2012, bankrupt Jefferson County, Ala., has posted its audit for that year.

Moody's Investors Service downgraded bankrupt Stockton, Calif.'s pension obligation bonds to Ca from Caa3 and changed the outlook to negative from developing.

Outgoing Michigan Treasurer Andy Dillon outlined Detroit's descent into bankruptcy in a deposition ahead of hearings on whether the city is eligible to enter into Chapter 9.

In a first of its kind deal, Detroit has secured debtor-in-possession financing, a $350 million loan from Barclays that is backed by a pledge of income tax and casino revenues.

Chapter 9 is supposed to make it easier for a struggling municipality to borrow, but the decisions made so far by Detroit’s leaders may have the opposite effect, bankruptcy expert James Spiotto said Friday at the Bond Dealers of America conference here.

Florida will support Mississippi's federal lawsuit protesting large increases in national flood insurance premiums with a "friend of the court" brief.

The transactions related to Harrisburg, Pa.'s financial recovery plan must close by the end of November, Mayor Linda Thompson said Friday.