Ambac Financial Group Inc. fell to the lowest level since its stock began trading again in May as investors try to estimate its vulnerability to Puerto Rico, whose economy contracted 5 percent this year.
William B. Lynch, the state- appointed receiver of Pennsylvania’s capital, said “a deal is imminent” with creditors on resolving an incinerator debt burden of about $345 million that has left Harrisburg insolvent.
Greenberg Traurig LLP said yesterday that it has opened an office in Warsaw with a team of more than 50 lawyers formerly with Dewey & LeBoeuf LLP. The firm will operate as Greenberg Traurig Grzesiak in Poland. Jaroslaw Grzesiak, former managing partner of Dewey’s Warsaw office, serves as the managing partner and Lejb Fogelman as the senior partner.
Detroit’s emergency financial manager may decide within six weeks if he can avert bankruptcy. Bond investors are buying the Michigan city’s insured debt at a discount in a bet they’ll get paid regardless of the outcome.
Highland Capital Management LP, the debt manager with about $22 billion in assets under management, and JPMorgan Chase & Co . were sued by a Houston pension plan over claims that willful looting led to the demise of the Highland Crusader Fund.
Harrisburg, Pennsylvania’s capital, may miss $3.3 million in general-obligation bond payments due Sept. 15 if council members fail to approve a portion of a fiscal rescue plan, according to the mayor’s spokesman.