Chicago Public Schools postpones $875M bond sale

The sale of an $875 million bond issue designed to relieve a cash flow crunch at Chicago Public Schools was postponed yesterday amid renewed investor unease over the district's financial condition.

"At the recommendation of our financial advisers and in accordance with common practice, CPS is evaluating the timing of the sale of these bonds on a day-to-day basis. The situation is dynamic, and giving investors more time will be of benefit to CPS," district finance chief Ron DeNard said in a statement.

The district wants to issue the bonds to repay its operating fund for spent capital expenses, as well as provide $206 million to restructure debt and lower borrowing costs.

Read more from Crain's Chicago Business.