Caitlin Devitt

Michigan Gov. Rick Snyder Monday appointed a review team to begin investigating the finances of the troubled Benton Harbor school district, a step towards a possible state takeover.

Syncora Guarantee Inc. has accused Detroit of pitting its pensioners against its financial creditors in a "torches and pitchforks" campaign, the insurer's latest salvo in a rising war of words between the two parties.

The 2010 issuance of $165 million of Build America Bonds by Indianapolis' public hospital has thwarted a long-planned merger with another major Indiana system.

Three Detroit hospitals reached a final agreement to merge into a new $3.8 billion system that will be the largest in southeast Michigan.

Bond insurer Financial Guaranty Insurance Co. has subpoenaed Michigan Gov. Rick Snyder and Sean Werdlow, with Siebert Brandford Shank and a former Detroit CFO, for a deposition in the Detroit bankruptcy.

The board of commissioners for Macomb County, Mich., June 19 approved a measure to issue up to $300 million of bonds to pay off its retiree health care costs.

U.S. Chief District Judge Gerald Rosen, the top mediator in Detroit's bankruptcy case, has ordered the city into talks with water and sewer revenue bondholders, one of the few holdout creditors in the case.

Michigan Gov. Rick Snyder Friday signed a package of bills aimed at resolving Detroit's Chapter 9 case at a triumphant ceremony where the governor and others proclaimed the end is in sight for the historic bankruptcy.

As Detroit released preliminary bond documents for next week's $185 million streetlight sale, Fitch Ratings assigned a BBB-plus to the borrowing, saying it believes the utility tax revenues pledged to the bonds are not at risk in the city's bankruptcy.

Michigan Gov. Rick Snyder knew a $195 million contribution to Detroit's bankruptcy could concern analysts, but believes it is important, a spokesperson said after Standard & Poor's revised its outlook.

S&P revises Michigan's outlook down to stable from positive, citing soft revenues as well as its recent contribution to Detroit's bankruptcy.

Structural protections and a yield-hungry market are apt to boost interest in bonds for the Detroit Public Lighting Authority, despite the city's ongoing Chapter 9 bankruptcy.

Fitch Ratings said Monday it has withdrawn its D ratings on most of Detroit's debt, saying there's no reason to maintain a rating on defaulted bonds.

Moody's Investors Service has revised its outlook to positive from stable on Avera Health, one of South Dakota's largest health care providers, as the system comes to market this week with $59 million of bonds.

The Michigan Legislature adjourned for the summer on June 12 after failing to reach an agreement on new transportation funding despite weeks of intensive effort and support from business and labor groups and Gov. Rick Snyder.

Detroit's new public lighting authority is gearing up for its first public bond sale, which has earned an A-minus rating from Standard & Poor's.

Two more foundations have pledged $13 million to Detroit's pensions via the Detroit Institute of Arts in a bid to protect the museum's prized art collection as part of a grand bargain worked out by federal court mediators.

Bond insurer Syncora Guarantee said in a court filing that Detroit, as well as federal court mediators and even the bankruptcy judge himself have unfairly singled out the insurer as part of an anti-Wall Street public relations campaign.

Detroit officials will meet Thursday with Ambac Assurance Corp. and Blackrock Financial in a court-ordered mediation session to try to reach a settlement after months of failed talks.

Cuyahoga County, Ohio Executive Ed FitzGerald, who is running for governor, wants Cleveland's three professional sports teams to earn some of the tax revenue earmarked for the stadiums by winning more games.