Caitlin Devitt

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.

Bankruptcy Judge Steven Rhodes agreed to briefly lift the automatic stay on Detroit's bankruptcy temporarily to allow a state judge to issue an opinion on a related '13th check' pension dispute.

Fitch Ratings confirmed Wednesday that Detroit made its Oct. 1 debt service payments on water and sewer bonds despite a default on its general obligation debt.

Insurance is making a big difference in trading prices on Detroit's general obligation debt as the city was poised Tuesday to officially default on its first GO full faith and credit pledge.

The fiscal condition of Michigan local governments continues to improve from a nadir in 2010, but the pace of improvement slowed dramatically in fiscal 2013, according to a University of Michigan report.

Ohio Gov. John Kasich formally launched the work of crafting a new two-year capital budget last Saturday by meeting with the leaders of the state's higher education institutions.