Michigan

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.

Michigan would create a board to oversee Detroit for up to 20 years and contribute $195 million to the troubled city's pensions in a series of bills expected to be unveiled late Thursday.

The state of Michigan has conditionally approved Wayne County's deficit elimination plan, easing immediate concerns of a state takeover, county officials said Wednesday.

Michigan lawmakers Tuesday created a special committee to deal with Detroit's bankruptcy and recovery ahead of legislation outlining a state contribution that could be unveiled as soon as Thursday.

Bankrupt Detroit Monday filed a new plan to adjust its debt that reflects recent settlement with key creditors, though deals with some bondholders remain elusive.

The board representing a major Detroit civilian retiree group board has voted in favor of supporting Detroit's proposed plan of adjustment.

The California Public Employees' Retirement System has filed a friend of the court brief in support of appeals to Detroit's eligibility to be in bankruptcy.

A federal judge Wednesday heard arguments from Michigan attorneys defending the state's controversial emergency management law from a lawsuit that calls it unconstitutional and illegal.

It is virtually impossible to predict what would happen if Puerto Rico's financial situation deteriorated to the point where it could no longer repay its debts, experts on distressed municipalities said Thursday.

An issuer's credit health may become more important to the evaluation of special revenue bonds if Detroit impairs its water and sewer debt, Fitch Ratings said in a detailed look at how it may revise criteria after the largest municipal bankruptcy in the U.S.

Michigan Treasurer Kevin Clinton is concerned about Wayne County's ability to implement a deficit elimination plan, setting up a possible state takeover of the junk-rated county that is home of Detroit.