municipal bankruptcy

The First Circuit Court of Appeals Ruling on ‘Assured’ Should be Reheard or Reversed; Recent Ruling Sends a Harsh Message to Municipal Bond Market

( ) Why the Municipal Bond Market Expects Pledged Special Revenues to be Timely Paid to Bondholders in a Chapter 9 Proceeding.  And, Why the First  Circuit's Assured Ruling in Puerto Rico’s PROMESA Title III Proceeding Should Be Reheard or  Reconsidered on Appeal....

Risk Perception of State and Local Government Debt May Stress Taxes and Leverage Without a Certainty of Payment – Use of Statutory Liens, Special Revenues and Other Means of Assurance

By James E. Spiotto Fiscal distress of or perception of risk of nonpayment by government begets higher cost of borrowing and even loss of access to the market The perception of fiscal distress leads to higher interest rates (cost of borrowing) in the global markets:...

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