Investors in Puerto Rico’s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack …
A judge cleared Detroit to emerge from bankruptcy on Nov. 7, approving a hard-fought turnaround plan with a fervent plea to the people of this one-time industrial powerhouse to “move past your anger” and help fix the Motor City. “What …
Companies that insure Detroit bonds and stand to lose millions repeated a pledge to aggressively challenge the city’s bankruptcy plan, a day after retirees endorsed pension cuts and qualified for a bailout led by the state. Syncora and Financial Guaranty …
Detroit’s path through bankruptcy began to take shape on Dec. 17, with a second bond insurance firm ready to drop its objections to a controversial city financing plan, joining another bond insurer, bondholders and a committee of retired city workers …
Ironshore Inc. and Lexon Surety Group are broadening their strategic alliance by providing additional capacity for Boston Indemnity Group (BIG), a subsidiary of Lexon and a privately-held insurance holding company specializing in the business of surety bonds. Ironshore will provide …
Lance Surety Bond Associates, Inc. has launched a new program addressing the $75,000 Freight Broker Bond requirement that will take effect later this year. The Moving Ahead for Progress in the 21st Century Act (MAP 21) transportation reauthorization bill was …
San Bernardino should be allowed to stay in bankruptcy, bond insurer Ambac Assurance Co. and a bondholder owed $50 million said in court papers opposing other creditors’ efforts to strip the California city of federal court protection. Ambac and Erste …
Jefferson County, Alabama, filed a plan to end the biggest U.S. municipal bankruptcy later this year by cutting $1.2 billion in principal payments to investors holding defaulted sewer-related debt. Less than $100 million of the county’s $4.2 billion in debt …
Bondholders and bond insurers are challenging the eligibility of San Bernardino, California, to file for bankruptcy protection, claiming the city provided no financial information to its creditors. Their court filings follow one by the city’s firefighters this week that asked …
Two bond insurers challenged the eligibility of Stockton, California, for bankruptcy, arguing that the city can cut pension benefits, a move that could have profound implications for the state. The court filings set a roadmap for a battle, in or …
