AMERICAS DISTRESS DAILY: School District Set to Avoid Bankruptcy

The Toms River School District will likely avoid filing for bankruptcy after New Jersey cleared a budget that raises the district’s property taxes by 15%.

• Toms River has been fighting lawmakers in Trenton on funding for its schools for years, with state aid cut by $175 million in recent years, leading to higher taxes and staffing cuts.

In Other News:

• Del Monte Pacific expects to refinance or extend its long-term loans, including amortization, despite Del Monte Foods Holdings Limited’s bankruptcy filing, but write-offs may cause a capital deficit in its balance sheet due to impairment of its equity investment and ...