Headlines

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Format: 08-27-2014
August 26, 2014
A U.S. bankruptcy judge on Monday approved Detroit's proposal to repurchase nearly $1.5 billion of existing water and sewer revenue bonds tendered by investors and to refinance the debt to save money, Reuters reported yesterday. The ruling by Hon. Steven Rhodes clears the way for the sale of about...
August 26, 2014
Former Republican vice presidential candidate Paul Ryan says that Detroit’s chapter 9 bankruptcy is a warning to the U.S. and compares the Motor City to the NBC post-apocalyptic drama “Revolution,” The Detroit News reported yesterday. In a new memoir, the Wisconsin Republican who chairs the House...
August 26, 2014
A group of hedge funds are seeking a 226 million euro interest payment on Argentine bonds from Bank of New York Mellon that was blocked by a U.S. judge last month, The New York Times reported yesterday. In a lawsuit filed in London against Bank of New York, the hedge funds contend that the bank’s...
August 26, 2014
Municipal bonds will be excluded from the group of easily sellable assets that banks can use to show they’re able to survive a credit crunch, Bloomberg reported today. Regulators, including the Federal Reserve, are set to approve a final liquidity rule on Sept. 3. The most recent draft bars debt...
August 26, 2014
A judge on Monday delayed a ruling on whether to confirm a plan by Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, to cut $3 billion in debt and exit bankruptcy, Reuters reported yesterday. Hon. Robert Drain, who had been expected to read his ruling...
August 26, 2014
India’s antitrust regulator fined 14 carmakers, including the local units of Honda Motor Co. and General Motors Co., a combined 25.4 billion rupees (US$420 million) for stifling competition in the market for spare parts as the industry faces similar scrutiny in China, Bloomberg reported today. The...
August 26, 2014
General Motors Co. ignition switch compensation fund has received 284 claims through Friday, including 100 claims for deaths, The Detroit News reported yesterday. The fund began accepting applications for funding on Aug. 1. Camille S. Biros, deputy administrator of the fund, said it has received...
August 26, 2014
Moody's said that it will not downgrade Kentucky's credit rating despite a recent federal bankruptcy decision that could cost the state nearly $1 billion over 20 years, The Associated Press reported today. The credit-rating agency said that Kentucky has enough resources to manage the added expenses...
August 26, 2014
With access to cash for at least another week, the trustee overseeing Truland Group Inc.'s bankruptcy plans to launch an investigation into what led to the electrical contractor's sudden shutdown and chapter 7 filing a little more than than a month ago, Washington Business Journal reported...
August 25, 2014
The Detroit Board of Water Commissioners agreed on Friday to repurchase nearly $1.5 billion of water and sewer revenue bonds tendered by investors, Reuters reported on Friday. Detroit launched the tender offer on Aug. 7 with the hopes of getting back enough of the $5.2 billion of outstanding debt...
August 25, 2014
Detroit Bankruptcy Judge to Consider Sanctions for Syncora Attorneys Bankruptcy Judge Steven Rhodes will consider whether to impose sanctions on attorneys for bond insurer Syncora after they alleged that Detroit’s bankruptcy mediators conspired to protect pensioners and the Detroit Institute of...
August 25, 2014
Momentive Performance Materials Inc. is set to face court rulings on its bankruptcy plan, including on a proposal to withhold some payments for unpaid interest that has senior lenders at odds with lower-ranked creditors, Bloomberg reported today. U.S. Bankruptcy Judge Robert D. Drain said that he...