Caitlin Devitt

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

The new mayor of Cincinnati, bond attorney John Cranley, is halting two controversial bond-funded projects, including one for which the city has already sold general obligation bonds.

A state-run board Tuesday approved Gov. Rick Snyder's push to lease Belle Isle, Detroit's biggest park, for up to 30 years, killing an alternative 10-year lease proposed by the Detroit City Council.

Michigan will pay 0.40% in interest for $30 million of two-year taxable general obligation bonds that the state sold in a competitive sale last week.

Cook County, Ill., approved a new $3.2 billion spending plan for fiscal 2014 that raises no taxes and relies on federal aid under the new health care law to offset chronic shortfalls in its massive health system.

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

Bond insurer Syncora Guarantee Inc. filed an objection to Detroit's effort to repair its broken down streetlight system with the use of the city's utility tax to back bond payments.

Detroit late Tuesday asked the federal judge overseeing its bankruptcy case to approve a controversial $350 million debtor-in-possession financing.

Former Michigan Treasurer Andy Dillon said Tuesday that he became convinced bankruptcy was inevitable for Detroit when he saw the city’s proposal for unsecured creditors.

Former Michigan Treasurer Andy Dillon may be called to testify Tuesday as the battle over Detroit's eligibility to enter into bankruptcy enters its seventh day.

Moody's Investors Service revised its outlook to negative on Indiana-based Franciscan Alliance, affecting more than $1.1 billion of debt.

Ahead of a $30 million deal, ratings analysts said Michigan continues to rebound from recession and appears well protected against fallout from the Chapter 9 bankruptcy of its largest city, Detroit.

Wayne County, Mich., centered on Detroit, was downgraded to Standard & Poor's lowest investment grade rating in its third downgrade from a major ratings agency in three months.

Fitch Ratings knocked Detroit's Downtown Development Authority – planning a $650 million hockey arena and entertainment complex -- into junk-ratings territory.

Non-profit hospitals in states that have opted not to expand their Medicaid programs under the new federal health care law will face financial problems and rating pressure next year, Fitch Ratings warned.

Detroit’s bankruptcy eligibility trial will continue into next week after five days of testimony in which Michigan Gov. Rick Snyder and Detroit emergency manager Kevyn Orr sparred with creditor attorneys.

In historic testimony in Detroit's bankruptcy case, Michigan Gov. Rick Snyder said the state did not offer any aid to the ailing city to avoid pension cuts.

A Chicago fiscal watchdog group warned that Cook County's growing pension obligations and budget deficits could pose “enormous” fiscal problems in the future.