Caitlin Devitt

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.

As promised, Fitch Ratings Monday dropped Detroit to D from C a day ahead of the city's expected default on its general obligation bond payments.

Bankruptcy Judge Steven Rhodes, who oversees Detroit’s bankruptcy case, will hear arguments over the legality of the state’s emergency management law as well as other issues Wednesday.

Detroit emergency manager Kevyn Orr said last week he wants to freeze the city's two pension funds by the end of the year and shift employees into a 401(k)-style plan.

Oakland County, Mich. said time and money -- not fear of a Detroit penalty -- drove its decision to do its first-ever private placement, on a long-planned $350 million general obligation refunding.

White House officials announced they are freeing up $300 million of federal funds for Detroit to tell the rest of the country the Obama administration believes in the city's future.