Headlines

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Format: 08-02-2014
August 1, 2014
Puerto Rico’s government-owned corporations could file for bankruptcy protection under a bill proposed in the U.S. House of Representatives by the delegate from the Caribbean territory, which is struggling to pay $73 billion in debt, Bloomberg News reported yesterday. Pedro Pierluisi (D), who can...
August 1, 2014
Lenders to Puerto Rico’s electric power authority are giving the beleaguered utility another two weeks before it has to make past-due payments on its lines of credit, the New York Times DealBook blog reported yesterday. The Puerto Rico Electric Power Authority, which is known by its acronym Prepa,...
August 1, 2014
Argentina said that it doesn’t oppose a deal sought by JPMorgan Chase & Co. and other banks that would allow the country to resume debt payments, as its dollar bonds sank for a second day, Bloomberg News reported today. Argentina’s Economy Minister Axel Kicillof said that the government wouldn’...
August 1, 2014
A federal court was asked yesterday to suspend seven pending appeals over Detroit's eligibility for bankruptcy until the city concludes a confirmation process for its plan to adjust $18 billion of debt, Reuters reported yesterday. Attorneys for the city, Michigan, Detroit pension funds, unions and...
August 1, 2014
U.S. regulators need flexibility in overseeing cross-border swaps, a lawyer for the Commodity Futures Trading Commission told a federal judge as he defended the agency’s reliance on guidance rather than formal rules in a lawsuit brought by Wall Street’s largest lobbying groups, Bloomberg News...
August 1, 2014
The $30 billion banks collect in overdraft fees each year may shrink as the U.S. Consumer Financial Protection Bureau imposes rules aimed at shielding customers from harm, Bloomberg News reported yesterday. The agency, which issued a study on the fees yesterday, is also weighing regulations to...
August 1, 2014
Federal authorities are sounding alarms about a wide range of fraudulent schemes involving a popular prepaid money card product, the New York Times reported today. Thousands of consumers have been lured into sending money through the card, called MoneyPak. For online fraudsters, the reusable green-...
August 1, 2014
Dutch coal miner New World Resources NV filed for bankruptcy protection in a U.S. court on Wednesday while officials negotiate cuts to the roughly EUR825 million ($1.1 billion) debt owed by the company, which has struggled to profit amid depressed global coal prices, Dow Jones Daily Bankruptcy...
August 1, 2014
Zodiac Pool Solutions SAS, a supplier of swimming pool products controlled by asset manager Carlyle Group LP, filed for U.S. bankruptcy court protection seeking recognition of U.K. court proceedings on its debts, Bloomberg News reported yesterday. The company listed assets of as much as $1 billion...
July 31, 2014
With Standard & Poor’s saying that Argentina is in default and last-minute plans to remedy the situation falling through, investor focus is turning to whether holders of $29 billion of bonds will demand immediate repayment, Bloomberg News reported yesterday. The nation missed a deadline...
July 31, 2014
The U.S. Court of Appeals for the Sixth Circuit yesterday had some criticism for a bond insurer’s bid to block Detroit from accessing casino revenue, with one judge calling the creditor’s efforts “fairly Draconian,” the Detroit News reported today. The panel was considering an appeal from Syncora...
July 31, 2014
U.S. District Judge Jed Rakoff has ordered the Bank of America to pay $1.27 billion in penalties in connection with a wide-ranging mortgage fraud perpetrated by its Countrywide financial unit, and slapped a $1 million personal judgment on a former Countrywide executive, the New York Law Journal...