Michigan

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.

Auction house Christie's said a slice of Detroit's art collection could be worth between up to $846 million, far less than creditor speculations.

Detroit is eligible for bankruptcy protection, the federal judge overseeing the case ruled Tuesday.

Michigan on Monday appointed financial review teams to examine the finances of two Detroit metro area governments – Royal Oak Township and Highland Park – launching the next step in a process that could lead to a state takeover.

The bankruptcy judge overseeing Detroit's Chapter 9 case delayed a ruling on a $160 million borrowing plan to finance the city's lighting system due to possible conflict of interest by public finance firm Miller Canfield Paddock and Stone PLC.

A group of Detroit's creditors, including bond insurers, asked the bankruptcy court overseeing the city's case to appoint a committee to assess the value of the city art collection and propose ideas for monetizing it.

The Securities and Exchange Commission has charged Detroit-based Ambassador Capital Management and portfolio manager Derek Oglesby with fraud for investing in risky securities and passing them off to investors, including municipalities, as safe money market funds.

Detroit's proposed $350 million debtor-in-possession financing would mark the largest such deal in Chapter 9 history, but not the first: that honor goes to Orange County, Calif.

CHICAGO — U.S. Bankruptcy Court Judge Steven Rhodes will issue his decision over Detroit's eligibility to file for Chapter 9 bankruptcy on Dec. 3.

A municipal restructuring executive who played a key role in DC's oversight board in the 1990s is Detroit's new CFO.

Detroit should drop its plan to unwind its costly interest-rate swaps and instead argue the transactions be declared illegal, a former municipal investment banker Wallace Turbeville said in a report released.