Michigan

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.

The banks that hold $1.4 billion of Detroit pension certificates have appealed the bankruptcy court's recent approval of a settlement with the counterparties that hold interest-rate swaps hedging the certificates.

A Michigan board Monday approved two emergency loans to help cover payroll for a pair of distressed local school districts.

With two new settlements in hand, Detroit's attorneys at a hearing Monday touted the city's recent progress, with the judge calling the series of deals unprecedented in Chapter 9 history.

Settlements are coming quickly now in the Detroit bankruptcy case, as the city Monday announced a deal with a coalition of unions over collective bargaining agreements.

The federal judge overseeing Detroit's bankruptcy will consider final approval of a key bankruptcy document Monday that includes a fresh settlement reached with retirees late Friday.

Detroit emergency manager Kevyn Orr said a handful of major infrastructure projects and the city's thriving downtown will help drive a revival that mirrors places like Miami and Baltimore.

Oversight will be key to keeping the city out of another Chapter 9, Detroit CFO John Hill said at a Chicago forum on Wednesday.

Union-owned Amalgamated Bank has been carving a niche for itself with bond transactions in Harrisburg and Scranton, Pa., and Allen Park, Mich.

U.S. Bankruptcy Judge Steven Rhodes tapped Martha Kopacz of Phoenix Management Services to act as a municipal finance expert witness reviewing Detroit's bankruptcy exit plan, and Richard Ravitch as a consultant to the court.

The judge overseeing Detroit's bankruptcy ordered the city back into mediation with limited-tax GO bondholders and water and sewer holders in a renewed effort to reach settlements.