March 4, 2016
Bondholders banking on the Chicago Public Schools’ ability to stabilize its rocky finances lost ground this week as the district’s labor woes intensified and lawmakers advanced an attack on its governance structure. “The news for bondholders is negative as it affirms the dysfunction at the state and local level,” said Brian Battle, director of trading at Performance Trust Capital Partners. The district has more than $6 billion of outstanding debt.
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