Michigan

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.

Federal Judge Steven Rhodes Thursday shot down bond insurers' requests that they be given special access to Detroit's prized art collection for an independent valuation.

Michigan could see nearly $1 billion less than it expected over the next three years, fiscal officials warned Thursday.

Detroit emergency manager Kevyn Orr testified before a special House committee Tuesday that is considering a $195 million state contribution to the city's pension funds that Orr said is essential to the city's recovery.

The "Detroit Three" automakers are reportedly considering giving up to $25 million or more in a plan that would raise money for the bankrupt city's pensioners while protecting the city's prized art collection.

Investors that hold roughly $5.3 billion of Detroit revenue bonds as well as $1.4 billion of its pension certificate debt filed objections to the city's plan of debt adjustment, laying out the arguments they will present at a bankruptcy trial two months away.

Michigan lawmakers will spend three days this week debating an 11-bill legislation package outlining the state's role in Detroit's bankruptcy, with emergency manager Kevyn Orr testifying on Tuesday.

Detroit's effort to repay its limited-tax general obligation bondholders only about 10 cents on the dollar would send shock waves through the muni industry and stifle economic growth, SIFMA argued in a court brief filed Monday.

A declining number of Midwestern high school graduates is adding to already highly competitive environment further straining the region's small colleges, according to Moody's Investors Service.

Moody's said it may downgrade Henry Ford Health, one of Michigan's largest providers, due to continued operating performance declines and other challenges.

Michigan lawmakers unveiled a package of 11 bills Thursday aimed at hastening Detroit's exit from bankruptcy and managing the city's post-Chapter 9 recovery.