Caitlin Devitt

Detroit officially ended an interest-rate swap termination agreement with its counterparties Thursday, a move that the city says preserves its right to pursue legal action against the banks, but said talks with the banks continue.

Michigan officials agreed to step in to assist foundering negotiations between Detroit and neighboring counties over Detroit's water and sewer system considered key to the city's restructuring, Oakland County officials said.

Michigan Gov. Rick Snyder said it would be premature to assume that Detroit's bankruptcy will drive up borrowing costs across the state.

Michigan Gov. Rick Snyder unveiled a 2015 budget that would boost spending on troubled local governments and school districts, build up the state's rainy day fund and finance $200 million of tax breaks.

Fitch Ratings dropped Cleveland's airport to BBB-plus with a negative outlook amid United's recent announcement it would drop the airport as a hub, and city and state officials scrambled to respond to the news.

A partially bond funded plan to build a $650 million hockey arena and entertainment district near downtown Detroit advanced Tuesday when the city council agreed to transfer 39 acres of public land to the project.

Moody's Investors Service downgraded Williston, N.D. to Baa2 from A3, and assigned a negative outlook, warning that the city, in the heart of the state's historic oil boom, faces significant infrastructure needs.

Detroit, going to battle with its interest-rate swap counterparties, filed a lawsuit seeking to invalidate $1.4 billion of pension certificates that the swaps hedge, saying the borrowing was illegal from the start.

Detroit's bankruptcy plan circulated to creditors last week yields them greater recoveries to creditors than a first offer floated last year, but should still be seen as a rough draft that could change significantly.

Detroit has asked the bankruptcy court overseeing its Chapter 9 case to dissolve a committee representing unsecured creditors that the U.S. Trustee said is required under code.

Negotiations intensified on several fronts as Detroit nears a self-imposed deadline to craft a detailed plan to exit Chapter 9 bankruptcy, with the fate of a debtor-in-possession loan in doubt.

Detroit has reportedly proposed paying its pensioners more — and in cash — than its general obligation bondholders, who would receive notes equivalent to roughly 20% percent of their claims in its bankruptcy exit plan.

Michigan Gov. Rick Snyder declared fiscal emergencies in a pair of Detroit suburbs, Royal Oak Township and Highland Park, the first step toward a state takeover or declaration of bankruptcy.

Detroit's emergency manager said Wednesday he has presented the city's creditors with a proposed plan of adjustment, a key benchmark in the historic Chapter 9 case.

The Detroit Institute of Arts said it will try to raise $100 million as part of a high-profile public-private effort to raise money to pledge to the city's pensions while safeguarding its prized art collection.

Voters in Cuyahoga County will vote in May on whether to extend a pair of so-called sin taxes to raise badly needed new money for three sports stadiums located in downtown Cleveland.

A plan to fund Detroit's pensions while protecting its art collection received a boost Tuesday when a major foundation pledged $40 million to the effort.

Michigan Attorney General Bill Schuette Monday asked a federal appeals court to expedite a decision on whether Detroit can cut its pensions, calling it a question of national importance.

Fitch Ratings blasted Michigan Governor Rick Snyder's plan to pledge $350 million to Detroit pension debt, warning it could set a troubling precedent by elevating pension claims above bond debt.

Nebraska will consider issuing bonds for highway projects for the first time in decades.