Michigan

Detroit's federal bankruptcy judge urged the appellate court to reject an appeal of his recent rulings on the city's eligibility for Chapter 9 and declined to recommend an expedited appeal process.

CHICAGO - Detroit told the bankruptcy court Friday it may sue its interest-rate swap counterparties without a revised settlement to terminate the swaps under more favorable terms. The warning raises the stakes on mediation.

Detroit's mayor-elect, Mike Duggan, will manage the bankrupt city's day-to-day operations under an agreement with the city's emergency manager, Kevyn Orr, that was announced Thursday.

Auction house Christie's valued bankrupt Detroit's art collection at between $454 million and $867 million in a final assessment turned over to city emergency manager Kevyn Orr this week.

CHICAGO – A federal bankruptcy court judge abruptly suspended hearings on Detroit's proposed $350 million debtor-in-possession financing and settlement with its interest-rate swap counterparties Wednesday and urged the city to use the time to renegotiate the swaps termination deal.

The federal bankruptcy court judge overseeing Detroit's historic Chapter 9 filing pressed the city Wednesday for more information on its strategy behind the decision to negotiate a settlement with interest-rate swap counterparties.

Detroit had to pursue a settlement with the interest-rate swap counterparties on its pension certificates or risk the "cataclysmic" loss of access to casino revenues, the city's investment banker told the bankruptcy court Tuesday.

Michigan Gov. Rick Snyder's push to create a new authority to take over troubled schools, a growing sore spot for the state, advanced last week when the Senate passed controversial legislation expanding the program.

CHICAGO - The judge overseeing Detroit's bankruptcy ruled creditors can appeal directly to the U.S. Court of Appeals for the Sixth Circuit rulings that the city is eligible for Chapter 9 and pensions are not protected in bankruptcy.

A $650 million project featuring a new hockey arena and entertainment district in downtown Detroit stepped closer to reality Friday, and officials announced that it includes the demolition of the storied Joe Louis Arena.

It will be a busy week in Detroit, with the federal judge considering to key financings that have sparked major opposition from the muni market, as well as whether creditors can appeal the recent eligibility ruling.

Standard & Poor's hit the Detroit suburb of Lincoln Park, Mich. with a seven-notch superdowngrade, citing the city's unwillingness to honor lease payments to a private company.

About to leave an office stripped of power, Detroit Mayor Dave Bing said he restored integrity to the tarnished post and helped establish a stronger foundation for the city.

Bond insurer Syncora has asked to delay a key hearing on Detroit's proposed interest-rate swap settlement and debtor-in-possession financing.

Uncertainty related to Detroit's bankruptcy filing resonates among P3 players, according to Allen & Overy's Kent Rowey, who advises on many such deals.

A bankruptcy judge's ruling in Detroit that pensions aren't a distinct class from other creditors could bolster movement in that direction in the San Bernardino bankruptcy.

The federal judge overseeing Detroit's bankruptcy approved a plan for the city to issue $60 million of bonds to finance repairs to its public lighting system.

U.S. Bankruptcy Judge Stephen Rhodes has released the written opinion supporting his determination that Detroit is eligible to enter Chapter 9 bankruptcy.

It is not time to panic despite the struggle of Detroit bondholders to regain their money, representatives of the four largest bond rating agencies told state treasurers Thursday.

The Senate Finance Committee's top Republican said Wednesday that the bankruptcy judge's ruling Tuesday that Detroit's public pension funds could be subject to cuts is a wakeup call for Congress to consider his pension bill.