Caitlin Devitt

The Detroit Water and Sewer Department plans to come to market in June with $150 million of sewer bonds — and possibly a restructuring of its entire $4 billion portfolio — in the midst of the city's tumultuous bankruptcy and talks to privatize the asset.

The counterparties to Detroit's interest-rate swaps mounted their first public defense of a controversial settlement with the city Friday, arguing that the derivatives are legally secured and warning that litigation would be costly and painful for Detroiters.

Three Detroit-area hospital systems said Friday they plan to merge into a single $2.8 billion system.

The bond insurers that wrap Detroit's unlimited-tax general obligation bonds have been ordered into a Monday mediation session with the city several weeks after the judge overseeing the case said he would issue a ruling on whether or not the city can treat the debt as unsecured.

Cincinnati's new mayor wants the federal court to organize all the city's retirees and employees into a single class and hammer out a consent agreement in court-ordered mediation in order to deal with the city's growing pension headache.

Detroit has reportedly yet to finalize a crucial settlement with its interest-rate swap counterparties.

Michigan Gov. Rick Snyder told local reporters that he wants Detroit to reach an agreement with its retirees to help advance legislation that would appropriate $350 million in state funds for the city's unfunded pensions.

Ohio Gov. John Kasich has introduced a new two year capital bill that spends $2.4 billion for capital projects and relies on $2.1 billion of new-money borrowing.

A pair of bond insurers filed lawsuits this week challenging key aspects of Detroit's bankruptcy debt plan, litigation that could derail the city's goal of exiting by the fall.

Syncora is challenging Detroit's latest attempt to settle with its interest-rate swap counterparties, a day after FGIC filed a challenge to the city's lawsuit attempting to invalidate its pension certificates.

Bond insurer Financial Guaranty Insurance Company has asked the bankruptcy court overseeing Detroit's Chapter 9 to allow it to intervene in a city lawsuit that attempts to repudiate $1.4 billion of pension certificate debt.

A proposed 47-mile toll road linking Indiana and Illinois is eligible for a federal TIFIA loan that could reduce construction costs by up to 20%, officials said.

Once known as "Little Detroit," the small city of Connersville has declared a financial emergency, warning it might not have enough money to make payroll by May.

Michigan lawmakers passed a $330 million mid-year 2014 budget supplemental bill last week that features more road money for local governments hit hard by the harsh winter.

Six months after first announcing a deal, bankrupt Detroit is still struggling to secure a key debtor-in-possession loan with Barclays.

Indiana lawmakers wrapped up their 2014 legislative session after passing a handful of controversial bills, including one that advocates for local governments say could hurt local government revenue.

Ohio lawmakers Wednesday will begin to consider Gov. John Kasich's budget legislation that would cut income taxes $2.6 billion over three years and offset the costs with increases in taxes on tobacco, business, and oil and gas producers.

Detroit's high-profile battle with its bondholders will likely have limited impact in the national market, as general obligation pledges vary widely across the country, Moody's Investors Service said in a new report.

Michigan Gov. Rick Snyder said Monday that the financial emergency in Benton Harbor is officially resolved and the city is leaving emergency management.

Ohio is selling $300 million of general obligation bonds and Gov. John Kasich is expected to unveil a new budget bill that features an income-tax cut on Tuesday