Caitlin Devitt

Federal Judge Steven Rhodes Thursday shot down bond insurers' requests that they be given special access to Detroit's prized art collection for an independent valuation.

Michigan could see nearly $1 billion less than it expected over the next three years, fiscal officials warned Thursday.

Detroit emergency manager Kevyn Orr testified before a special House committee Tuesday that is considering a $195 million state contribution to the city's pension funds that Orr said is essential to the city's recovery.

The "Detroit Three" automakers are reportedly considering giving up to $25 million or more in a plan that would raise money for the bankrupt city's pensioners while protecting the city's prized art collection.

Investors that hold roughly $5.3 billion of Detroit revenue bonds as well as $1.4 billion of its pension certificate debt filed objections to the city's plan of debt adjustment, laying out the arguments they will present at a bankruptcy trial two months away.

Michigan lawmakers will spend three days this week debating an 11-bill legislation package outlining the state's role in Detroit's bankruptcy, with emergency manager Kevyn Orr testifying on Tuesday.

Detroit's effort to repay its limited-tax general obligation bondholders only about 10 cents on the dollar would send shock waves through the muni industry and stifle economic growth, SIFMA argued in a court brief filed Monday.

For the third time since 2011, Ohio will be forced to dip into reserves to cover debt-service payments on its Buckeye tobacco securitization bonds.

Moody's said it may downgrade Henry Ford Health, one of Michigan's largest providers, due to continued operating performance declines and other challenges.

Michigan lawmakers unveiled a package of 11 bills Thursday aimed at hastening Detroit's exit from bankruptcy and managing the city's post-Chapter 9 recovery.

Michigan would create a board to oversee Detroit for up to 20 years and contribute $195 million to the troubled city's pensions in a series of bills expected to be unveiled late Thursday.

The state of Michigan has conditionally approved Wayne County's deficit elimination plan, easing immediate concerns of a state takeover, county officials said Wednesday.

Ohio will issue nearly $1.9 billion in general obligation bonds over the next 10 years after voters approved the request in a Tuesday primary that saw the majority of borrowings in Ohio and Michigan approved by voters.

Michigan lawmakers Tuesday created a special committee to deal with Detroit's bankruptcy and recovery ahead of legislation outlining a state contribution that could be unveiled as soon as Thursday.

Indiana-based Sycamore Advisors has hired Chicago City Colleges CFO Melanie Shaker to open a new Chicago office and expand into the Midwest's largest market.

Bankrupt Detroit Monday filed a new plan to adjust its debt that reflects recent settlement with key creditors, though deals with some bondholders remain elusive.

A federal judge Wednesday heard arguments from Michigan attorneys defending the state's controversial emergency management law from a lawsuit that calls it unconstitutional and illegal.

An issuer's credit health may become more important to the evaluation of special revenue bonds if Detroit impairs its water and sewer debt, Fitch Ratings said in a detailed look at how it may revise criteria after the largest municipal bankruptcy in the U.S.

Michigan Treasurer Kevin Clinton is concerned about Wayne County's ability to implement a deficit elimination plan, setting up a possible state takeover of the junk-rated county that is home of Detroit.

The banks that hold $1.4 billion of Detroit pension certificates have appealed the bankruptcy court's recent approval of a settlement with the counterparties that hold interest-rate swaps hedging the certificates.