Michigan

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.

Michigan officials agreed to step in to assist foundering negotiations between Detroit and neighboring counties over Detroit's water and sewer system considered key to the city's restructuring, Oakland County officials said.

Michigan Gov. Rick Snyder said it would be premature to assume that Detroit's bankruptcy will drive up borrowing costs across the state.

Michigan Gov. Rick Snyder unveiled a 2015 budget that would boost spending on troubled local governments and school districts, build up the state's rainy day fund and finance $200 million of tax breaks.

A partially bond funded plan to build a $650 million hockey arena and entertainment district near downtown Detroit advanced Tuesday when the city council agreed to transfer 39 acres of public land to the project.

Detroit, going to battle with its interest-rate swap counterparties, filed a lawsuit seeking to invalidate $1.4 billion of pension certificates that the swaps hedge, saying the borrowing was illegal from the start.

Detroit's bankruptcy plan circulated to creditors last week yields them greater recoveries to creditors than a first offer floated last year, but should still be seen as a rough draft that could change significantly.

Detroit has asked the bankruptcy court overseeing its Chapter 9 case to dissolve a committee representing unsecured creditors that the U.S. Trustee said is required under code.

Detroit late Friday filed a lawsuit challenging the legality of the structure tied to its 2005 sale of pension certificates and controversial swaps linked to the debt.

Negotiations intensified on several fronts as Detroit nears a self-imposed deadline to craft a detailed plan to exit Chapter 9 bankruptcy, with the fate of a debtor-in-possession loan in doubt.

Detroit has reportedly proposed paying its pensioners more — and in cash — than its general obligation bondholders, who would receive notes equivalent to roughly 20% percent of their claims in its bankruptcy exit plan.

Michigan Gov. Rick Snyder declared fiscal emergencies in a pair of Detroit suburbs, Royal Oak Township and Highland Park, the first step toward a state takeover or declaration of bankruptcy.

Detroit's emergency manager said Wednesday he has presented the city's creditors with a proposed plan of adjustment, a key benchmark in the historic Chapter 9 case.

The Detroit Institute of Arts said it will try to raise $100 million as part of a high-profile public-private effort to raise money to pledge to the city's pensions while safeguarding its prized art collection.