Articles by Michelle Kaske

Bond Insurer Urges Receiver for Puerto Rico’s Bankrupt Utility

MBIA Inc.’s National Public Finance Guarantee is urging Puerto Rico’s federal board to consider putting a receiver in charge of the island’s bankrupt power utility after the electricity provider lost two chief executive officers last week amid an uproar over …

Financially-Strapped Puerto Rico Faces Hurricane Maria After $1 Billion Hit by Irma

Two weeks ago, Puerto Rico was spared a devastating hit when Hurricane Irma ripped up the Caribbean. This time, it may not be so lucky. The bankrupt island, already contending with the aftermath of a storm that left as much …

Insurers with Big Stake Buy Puerto Rico Bonds

The companies with the most at stake in Puerto Rico’s debt crisis have become buyers of the island’s bonds. MBIA Inc.’s National Public Finance Guarantee Corp. and Ambac Financial Group, which together insure about $19 billion of the U.S. territory’s …

Bankruptcy Would Be ‘Huge Mistake’ for Puerto Rico, Says Bond Insurer

The question of whether bankruptcy is a good option for Puerto Rico came to a head at an investor conference featuring the island’s top restructuring adviser and head of one of the bond insurers with the most exposure to the …

New York Train Crash Investigators Ask Why SUV Stopped on Tracks

Federal investigators are trying to determine why a woman driving a Mercedes-Benz sport-utility vehicle stopped in the middle of railroad tracks, leading to the fiery crash of a New York commuter train in Westchester County that killed six people. The …

Transportation Safety Board Investigating New York Train Crash

The National Transportation Safety Board is investigating the fiery rush-hour crash of a New York commuter train in Westchester County that killed six people, the deadliest accident in Metro-North Railroad’s history. The Metropolitan Transportation Authority, a state agency that runs …

New York Commuter Train in Deadly Crash

A northbound Metro-North Railroad train ferrying commuters from New York City struck a car during evening rush hour Tuesday in New York’s Westchester County, killing at least six people. Among the dead were passengers from the train and the female …

Municipal Bond Insurance Sales Expected to Rise With Interest Rates

Demand for municipal bond insurance is poised to increase as rising interest rates reduce investor appetite for riskier state and local debt, according to Janney Montgomery Scott. Bond insurance accounted for 4.4 percent of new muni issuance last quarter, up …