July 25- Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors.» Read More
Kevyn Orr, City of Detroit emergency manager, discusses the deal reached this morning with bond insurers over the treatment of some bonds. Some municipal bondholders will get back as much as 74 cents on the dollar.
April 9- Detroit has reached a settlement with bond insurers over the treatment of some bonds in the city's bankruptcy, and a court-appointed mediator is expected to announce the details later on Wednesday, a spokesman for the city said.
April 7- Creditor objections flowed into a U.S. bankruptcy court on Monday, claiming a document supporting Detroit's plan to deal with $18 billion of debt and other obligations is missing crucial details.
Puerto Rico's finance arm recently hired lawyers at Cleary Gottlieb as the island struggles with a weakened economy, The Wall Street Journal reported Monday.
Prime Minister Antonis Samaras told Reuters the worst of the crisis was behind Greece and it was considering issuing new bonds within the next three months. The chairman of euro zone finance ministers Jeroen Dijsselbloem said on Tuesday that Greece was fully funded for the next 12 months and hoped to finance itself on the market afterwards.
Muni investors are still worried about the outcomes of the financial struggles of Detroit and Puerto Rico. Reuters asked a number of 2014 U.S. Lipper Fund Awards' winners for answers.
NEW YORK, March 18- Standard& Poor's upgraded bond insurer MBIA Inc on Tuesday, saying it expects the company to gain market share and resume its prior role as a strong player in guaranteeing U.S. municipal debt.
Few who have followed the Caribbean island's financial troubles doubt that a massive restructuring is in its future.
March 14- Puerto Rico pulled off a blockbuster of a bond sale this week, sparing it from the threat of imminent default, but few who have followed the Caribbean island's financial troubles doubt that a massive restructuring is in its future.
NEW YORK, March 12- Puerto Rico's newly issued bonds rallied on Wednesday, a day after investors flocked to the high returns offered by the cash-strapped U.S. territory's $3.5 billion debt sale.
Investors who claim they were burned by investments in closed-end Puerto Rico bond funds will have to wait for any resolution.
The U.S. Commonwealth borrowed $3.5 billion in one of the largest junk-rated municipal bond offerings ever. Treasury Secretary of Puerto Rico Melba Acosta, and Puerto Rico Government Development Bank Chair David Chafey, discusses the bigger offering than expected.
Detroit looks to emerge as at least a survivor if not a winner from its bankruptcy, with bondholders and municipal borrowers the biggest losers.
Discussing Puerto Rico's municipal bond troubles, with Robert DiMella, MacKay Municipal Managers.
"We encourage eligible parties to take advantage of the favorable terms we are offering under this initiative," Andrew Ceresney, director of the Securities and Exchange Commission's Enforcement Division, said in a statement.
Discussing how investors can protect their portfolio with bonds, with James Camp, Eagle Asset Management.
WASHINGTON, March 6- Individual investors have been fleeing the U.S. municipal bond market for more than a year, and data released by the Federal Reserve on Thursday shows they now hold the smallest amount of the debt in more than seven years.
March 4- Fitch assigned a' BB' rating to Puerto Rico's planned issuance of up to $3.5 billion general obligation bonds, citing weakness in the country's economy, high debt and unfunded pensions. Puerto Rico's governor signed a bill on Tuesday authorizing the bond sale. It also affirmed its' BB' rating on Puerto Rico's $10 billion of outstanding GO bonds.
SAN JUAN, March 3- Puerto Rico's legislature on Monday approved government plans to raise up to $3.5 billion in general obligation bonds, clearing the way for a sale as soon as this week. But at the Puerto Rico deal, non-traditional municipal bond buyers such as hedge funds that are able to take on the added risk are expected to dominate.
Detroit faces a long legal fight over its valuable art collection, a bond insurer argued.