Michigan

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

A group of creditors led by bond insurers asked the federal judge overseeing Detroit's Chapter 9 bankruptcy to delay the confirmation trial by nearly two months, saying the city has failed to turn over key documents in a timely way.

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

The judge overseeing Detroit's bankruptcy case Monday outlined 14 legal questions related to the city's plan of confirmation, three of which are related to Detroit's proposed treatment of its bondholders.

Local Michigan general obligation bonds and Chicago debt represent pockets of risk in an otherwise-improving municipal bond market, Charles Schwab said Friday.

Fitch Ratings warned it would cut its rating on $5.7 billion of Detroit's water and sewer debt to as low as D if the bankruptcy court approves the city's current plan of debt adjustment.

A House representative has introduced a bill to an 11-bill package tied to Detroit's bankruptcy that would allow the city's mayor to sit on a key oversight board.

Emergency Manager Kevyn Orr said Detroit would be more attractive to Wall Street than ever once the bankrupt city emerges from Chapter 9 bankruptcy later this year.

Detroit's attorneys said they are in the midst of an effort to put a price tag on the city's art collection following repeated requests from bond insurers and other financial creditors.

The Detroit Institute of Arts, which has found itself at the center of the city's high-profile bankruptcy, warned that any attempt by creditors to cash in on the city owned museum's art would spark expensive litigation and undermine Detroit's post-Chapter 9 recovery.

Nearly a quarter of Detroit's buildings suffer from blight, and it would take $2 billion to fix the problem across the city, according to a report released Tuesday.

Wayne County, Mich. plans to erase a major chunk of its deficit by shifting more money than expected from its delinquent property tax fund, while it faces a lawsuit challenging the county’s struggling pension fund.

Martha Kopacz, municipal finance expert witness to the Detroit bankruptcy case, asked the court Friday to force the city and Ernst & Young to turn over key documents that they have so far refused to release.

Bond insurer Syncora Guarantee’s appeal of a key Detroit bankruptcy matter was assigned to a judge Thursday.

The Michigan House Thursday overwhelmingly and speedily passed legislation aimed at resolving Detroit's bankruptcy and creating oversight for the post-bankrupt city as it exits bankruptcy.

Michigan voters in August will decide whether to eliminate the state's personal property tax, a central source of revenue for many local governments.

JP Morgan Chase CEO Jamie Dimon said Detroit's bankruptcy and proposed bondholder treatment shouldn't hurt the market for local Michigan bonds over the long run, according to the Detroit Free Press.

A Michigan House committee devoted to Detroit's bankruptcy unanimously approved legislation to authorize a $195 million state contribution to the city's pensions and outline oversight of the city post-bankruptcy for the next 20 years.

Michigan legislators neared a vote on a package of bills aimed at resolving Detroit's bankruptcy after a hearing that saw testimony from public finance veteran Richard Ravitch and Detroit Mayor Mike Duggan.

The fight over Detroit's proposed 10% recovery for its limited-tax general obligation bonds heated up last week as Ambac challenged the treatment as a failure to understand the basics of Chapter 9 and municipal finance.