WASHINGTON (Reuters) – The Chicago suburb of Harvey has settled civil charges in an unusual case where federal regulators had rushed to obtain an emergency restraining order against a planned bond sale, the Securities and Exchange Commission said on Friday.
Under the settlement reached with the SEC on Thursday, Harvey will be required to obtain an independent consultant and undergo an audit, and the city faces certain restrictions on selling new debt.
WASHINGTON, Nov 21 (Reuters) – A large number of U.S.
municipalities and bond underwriters have reported through a
federal program that they violated securities disclosures law,
with many revealing they failed to give investors material
information, a top securities cop said on Friday.
Issuers face a Dec. 1 deadline to report disclosure
violations to the Securities and Exchange Commission in the
regulator’s latest stab at strengthening regulation of the $3.7
trillion municipal market.
By Lisa Lambert
(Reuters) – The judge who confirmed Detroit’s plan to exit the biggest municipal bankruptcy in history could set a date later this week for the cost- and debt-cutting measures to take effect.
Federal Bankruptcy Judge Steven Rhodes on Friday ruled the plan for cutting $7 billion in debt was fair to creditors and feasible for the city to implement. [ID:nL1N0SX1A4] Now he must set that plan in motion with a confirmation order.
DETROIT (Reuters) – A U.S. judge on Friday confirmed Detroit’s plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy.
The ruling by U.S. Bankruptcy Court Judge Steven Rhodes, who is overseeing the historic case, came more than two months after the start of a hearing to determine whether the 1,165-page plan was fair to creditors and feasible for the city to implement.
DETROIT, Nov 7 (Reuters) – A U.S. judge on Friday confirmed
Detroit’s plan to adjust $18 billion of debt and exit the
biggest-ever municipal bankruptcy.
The ruling by U.S. Bankruptcy Court Judge Steven Rhodes, who
is overseeing the historic case, came more than two months after
the start of a hearing to determine whether the 1,165-page plan
was fair to creditors and feasible for the city to implement.
DETROIT (Reuters) – Detroit’s plan for exiting the largest municipal bankruptcy in U.S. history broke new ground by using land as a bargaining chip with creditors and could serve as a model for other distressed municipalities.
Few cities contain as much vacant realty as Detroit. The city leveraged that liability into settlements with two major creditors by giving them land and leases – and making it in their financial interest to help revitalize the city.
WASHINGTON, Nov 6 (Reuters) – U.S. securities regulators
have charged the Detroit suburb of Allen Park, Michigan, and two
of the city’s former leaders with fraud over a municipal bond
offering intended to finance a massive movie studio project.
On Thursday the Securities and Exchange Commission said the
city and officials, former Mayor Gary Burtka and ex-City
Administrator Eric Waidelich, settled without admitting or
denying the charges.
WASHINGTON (Reuters) – Units of 13 major Wall Street firms, including JP Morgan and UBS, improperly sold bonds from Puerto Rico’s landmark March junk deal to retail investors who may not have understood the debt’s riskiness, the U.S. Securities and Exchange Commission said on Monday.
The firms will pay penalties ranging from $54,000 to $130,000, without admitting or denying the regulator’s charges that they violated a new rule on minimum denominations for municipal bond sales. This is the first time the SEC has brought a case based on the rule, which prohibits dealers from selling bonds to individual buyers below a certain threshold amount.
DETROIT, Oct 27 (Reuters) – Detroit could only deal with its
fiscal woes, including a big public pension burden, by filing
for bankruptcy and tapping into the city’s one abundant asset,
land, to reach settlements with key creditors, an attorney said
Bruce Bennett, Detroit’s lead attorney at law firm Jones
Day, began closing arguments in the biggest-ever municipal
bankruptcy case, working to win federal court approval for the
city’s 1,165-page debt adjustment plan.
DETROIT (Reuters) – Closing arguments in the hearing on Detroit’s landmark bankruptcy are just days away, leaving odds and ends for the city, its creditors and U.S. Bankruptcy Judge Steven Rhodes to resolve.
After closing arguments, expected on Wednesday, Rhodes will have to determine if the city’s plan to adjust $18 billion in debt and obligations and exit the biggest-ever municipal bankruptcy is fair to creditors and feasible for the city to follow.