Michigan

The federal judge overseeing Detroit's bankruptcy case denied a request from major creditors, led by bond insurers, to slow down the city's fast-track schedule for approval of key bankruptcy documents.

Holders of Detroit's general obligation bonds are among the biggest losers in the city's debt plan, and that's prompting some muni market participants to call for a fresh look at how GOs are viewed.

The judge overseeing Detroit's bankruptcy case released a schedule Monday that sets hearings through June to consider the city's effort to shed its debts and move out of Chapter 9.

Detroit is being cautious about its revenue projections — and its ability to enter the capital markets — over the next decade, according to documents filed in bankruptcy court.

The bond insurers that wrap a chunk of Detroit's unsecured debt blasted the city's debt adjustment plan filed in bankruptcy court Friday, joining a chorus of criticisms from the municipal bond market.

Detroit filed a proposed plan of adjustment that lays out how the city hopes the bankruptcy court will treat its $18 billion of debt, including major cuts to bondholders.

Detroit's pension funds can file a direct appeal of the federal bankruptcy court's decision that the city is eligible for Chapter 9, a process that will run parallel to the city's Chapter 9 case.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The Michigan Senate was poised Thursday to approve a plan to give local governments $100 million to help with road repairs needed after the long winter.

The federal bankruptcy judge overseeing Detroit's Chapter 9 case heard arguments Wednesday from bond insurers challenging the city's effort to treat its unlimited-tax general obligation bonds as unsecured.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

Michigan Gov. Rick Snyder's proposed 2015 budget bodes well for the state's struggling local governments, Moody's Investors Service said Tuesday.

Detroit's Cobo Hall, the riverfront convention center that a few years ago struggled to survive, is now touting itself as a model of regional cooperation that the bankrupt city can replicate as it tries to rebuild itself after bankruptcy.

Detroit's attempt to invalidate $1.4 billion of pension certificates as part of its bankruptcy is unlikely to be copied by other certificate issuers, according to Moody's Investors Service.

Michigan Budget Director John Nixon is leaving the state.

Detroit is set to file a long-awaited plan to adjust its debt next week whether or not it has nailed down certain proposals, such as the lease of its water and sewer system.

Hoping to avoid a state takeover, Wayne County, Mich., the junk-rated county that is home to Detroit, Tuesday unveiled a deficit elimination plan that relies on selling its wastewater treatment system.

Michigan Gov. Rick Snyder appointed a team to review the finances of the struggling city of Lincoln Park, two weeks after declaring financial emergencies in two other Detroit-area cities.

Detroit wants to file a debt adjustment plan next week as the city and creditors meet for a fresh round of talks this week.

Detroit officially ended an interest-rate swap termination agreement with its counterparties Thursday, a move that the city says preserves its right to pursue legal action against the banks, but said talks with the banks continue.