Caitlin Devitt

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

The city of Holland, in western Michigan, is gearing up for a $160 million bond sale to raise funds for a new natural gas power plant, its largest borrowing ever.

Work is set to begin this summer on a controversial $3.3 billion bridge spanning the Detroit River despite a lack of commitment of expected funds in President Barack Obama's budget.

U.S. Bankruptcy Judge Steven Rhodes pushed back by one month a trial date on the city's plan of debt adjustment after bond insurers and other creditors asked for more time to respond to the controversial plan.

Detroit in a court filing Thursday said it has reached agreement with Barclays Inc. for a $120 million debtor-in-possession financing.

Detroit Wednesday asked the bankruptcy court to set a March 20 date for a hearing on its latest settlement with its interest-rate swap counterparties, calling it key to the city's overall plan of debt adjustment.

Detroit has reached a new settlement with its interest-rate swap counterparties that could significantly boost its efforts to pursue a cramdown plan of adjustment if necessary.

Detroit is treating the bonds issued by the Downtown Development Authority as secured, though the DDA itself is expected to take a 80% haircut on an outstanding loan, Fitch Ratings noted in a comment.

Indiana tapped a shortlist of four private teams to compete to work on the state's largest public-private partnership, a 47-mile toll highway linking the state to Illinois.

Detroit said creditors should have until June 9 to review and vote on the controversial debt plan it filed last week in bankruptcy court.

All of Detroit's major creditors, including bond insurers, Friday asked the federal judge overseeing Detroit's bankruptcy case to delay the fast-track schedule by at least a month or more.