Michigan

A plan to fund Detroit's pensions while protecting its art collection received a boost Tuesday when a major foundation pledged $40 million to the effort.

Michigan Attorney General Bill Schuette Monday asked a federal appeals court to expedite a decision on whether Detroit can cut its pensions, calling it a question of national importance.

Fitch Ratings blasted Michigan Governor Rick Snyder's plan to pledge $350 million to Detroit pension debt, warning it could set a troubling precedent by elevating pension claims above bond debt.

The Michigan treasurer said that a state review team has found Royal Oak Township and Highland Park, both Detroit area cities, to be in a state of financial emergency.

A day after Michigan Gov. Rick Snyder unveiled a plan to pledge $350 million to Detroit's pensions, bondholders said it remains unclear how the influx of cash will play out legally.

Michigan Gov. Rick Snyder said the state will commit up to $350 million to pay off Detroit's pension debt and protect its prized art collection, in what would be the state's first significant intervention in the historic bankruptcy.

The judge overseeing Detroit's bankruptcy case turned down a request by bond insurers and other major creditors to weigh in on the fate of the city's art collection.

The Detroit bankruptcy judge Wednesday will consider a motion by bond insurers and other major creditors asking for a formal role in the assessment of the city's art collection and ways to monetize it.

Bond insurer Syncora Guarantee Inc. asked the bankruptcy court overseeing Detroit's Chapter 9 case to delay the city's effort to secure a $120 million debtor-in-possession financing, saying the loan may need to be restructured in light of the court's rejection of a related swaps settlement.

Bankruptcy Judge Steven Rhodes rejected a $165 million settlement with Detroit's interest-rate swap counterparties, delivering a major blow to the swap counterparties and a victory for the city's bond insurers, retirees, and pension funds.

Michigan Gov. Rick Snyder has reportedly asked lawmakers to come up with $350 million to match private foundations' commitment to support Detroit's pension funds and art collection.

Judge Steven Rhodes will rule Thursday afternoon on Detroit's interest-rate swap settlement in one of the most closely watched decisions of the city's historic bankruptcy case so far.

After a six-month delay to allow the market to digest Detroit's bankruptcy, Saginaw County, Mich. is bringing $52 million of pension obligation bonds to market Thursday.

Steven Rhodes, judge in the Detroit bankruptcy case, will rule Thursday afternoon on whether to accept or reject the city's controversial settlement with its interest-rate swap counterparties.

Mediators in Detroit's bankruptcy case unveiled a tentative plan created by a group of local and national foundations that have already raised $330M that could be used for some of the bankrupt city's unfunded pensions – as long as the city promises to preserve its storied art collection.

Michigan expects to collect $541 million more than it had expected over the next two years, economists and state officials said Friday at the state's twice-annual revenue-estimating conference.

A coalition representing Detroit retirees sued in federal court to block the city from implementing health care changes that would shift older employees to Medicare and younger ones to the state-based health care exchange.

Detroit's negotiations this week with holders of the city's nearly $6 billion of water and sewer bonds went well enough that one investor said a settlement is likely.

The Michigan city of Benton Harbor, which is under emergency management, hopes to win a $2.3 million loan from the state to erase its deficit.

Detroit emergency manager Kevyn Orr reversed a decision to close the bankrupt city's pension system for non-public safety employees and shifted it into a 401(k)-style defined contribution retirement plan.