Caitlin Devitt

After nearly two years of analysis, Indiana University has dropped its effort to privatize its parking system.

The Detroit City Council is expected to vote Friday or Monday on a $350 million debtor-in-possession financing the city wants to use to pay off its interest-rate swaps.

Detroit's move to secure debtor-in-possession financing marks a first for Chapter 9, one that, if successful, could pave the way for other bankrupt or cash-strapped cities, municipal bond experts said.

Gov. Rick Snyder Tuesday tapped former insurance executive R. Kevin Clinton as Michigan treasurer, a job that includes oversight of financially troubled communities such as Detroit.

Indianapolis will get a $1 billion new budget that wipes out a $15 million shortfall using proceeds from the sale of its utility systems.

Richard Baird, a top advisor to Michigan Gov. Rick Snyder, said he had considered trying to push for legislation to provide some protection for Detroit's low-income pensioners.

Outgoing Michigan Treasurer Andy Dillon outlined Detroit's descent into bankruptcy in a deposition ahead of hearings on whether the city is eligible to enter into Chapter 9.

In a first of its kind deal, Detroit has secured debtor-in-possession financing, a $350 million loan from Barclays that is backed by a pledge of income tax and casino revenues.

Michigan treasurer Andy Dillon is stepping down after months of negative headlines over a messy divorce and other issues that he said were becoming a distraction to the state.

Chapter 9 is supposed to make it easier for a struggling municipality to borrow, but the decisions made so far by Detroit’s leaders may have the opposite effect, bankruptcy expert James Spiotto said Friday at the Bond Dealers of America conference here.

Detroit's historic bankruptcy filing may lead to precedent-setting decisions on the treatment of general obligation bonds and other debt, though it has not meant big changes in daily investment strategy so far, according to a pair of market participants at the Bond Dealers of America conference.

Syncora Guarantee, Inc., the bond insurer that wraps some of Detroit's pension certificates, Thursday filed an appeal to Bankruptcy Judge Steven Rhodes' ruling that blocks the insurer's ability to freeze the city's casino revenue.

Cook County President Toni Preckwinkle proposed a $3.5 billion 2014 budget, saying the new federal health care law will allow her offset a $150 million deficit with no new taxes or fees.

A Detroit charter school defaulted on its Oct. 1 debt payment despite carrying a pledge of state aid, an intercept feature, and other protections designed to enhance bondholder security.

Michigan Gov. Rick Snyder, after giving a rare deposition related to Detroit's bankruptcy case, issued a statement saying the Chapter 9 filing was a difficult but necessary decision.

Catholic Health East won its second upgrade in as many weeks after its merger with Michigan-based Trinity Health as the new system prepares to come to market with $305 million of bonds.

Indiana is looking for private companies interested in taking over its parking system and possibly building new development in downtown Indianapolis.

Bondholders owed nearly $20 million will be paid $50,000 in a bankruptcy settlement plan for the Great Platte River Road museum archway in Nebraska, a colossal financial failure.

Detroit's long-term revival depends on the ability to access the capital markets, which requires fair treatment of its bondholders in bankruptcy, said bankruptcy expert James Spiotto.

Detroit Emergency Manager Kevyn Orr said he is considering several ways to wring cash out of the Detroit Institute of Art's collection.