James Spiotto News
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The worst-performing part of the municipal market is drawing buyers as bankrupt Stockton, California’s attempt to stick investors with a loss heightens the appeal of debt backed by revenue from services such as water and electricity.
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Harrisburg, Pennsylvania, facing a state takeover of its finances, filed for bankruptcy protection after failing to pay the debt on a trash-to-energy incinerator.
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Bankruptcy decisions by San Bernardino and two other California cities only weeks apart may signal that municipal insolvency, while still a last resort, is losing its stigma.
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When Vallejo , California, filed for bankruptcy in 2008 after failing to win union pay cuts, Councilwoman Stephanie Gomes said officials around the U.S. would have their eyes trained on the city of 120,000.
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Chapter 9 municipal bankruptcies fell in 2010, to six from 10 the previous year.
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Investors in Michigan bonds are already feeling the effect of voters' rejection of a law permitting state takeovers of ailing municipalities.
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Jefferson County, Alabama, can’t fully repay $205 million in general-obligation bonds without raising taxes, the county’s bankruptcy lawyer said, threatening investors with losses not seen in the U.S. since the Great Depression.
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The near-failure by U.S. states to fund rising retiree health-care costs for millions of government workers threatens to produce budget crises similar to the one that pushed Stockton, California, to take a step toward bankruptcy last week.
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State and local governments are likely to avoid bankruptcy through spending cuts, even as their financial stress mounts, according to panelists at a Securities Industry and Financial Markets Association seminar.
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U.S. governors of states where municipalities filed for bankruptcy say there was little they could have done, even as cities such as Stockton, California, crack under continuing fiscal pressures.
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