Michigan

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.

Moody's Investors Service this year has downgraded nearly a quarter of the local school districts it rates in Michigan, a big jump from last year that reflects growing budget strains and challenges.

Detroit has not reallocated payments for its unlimited-tax general obligation bonds because those bonds are tied up in federal mediation talks, the city said Monday.

Detroit Monday disclosed the fees it must pay to Barclays Capital Inc. to secure a $350 million debtor-in-possession financing, after the bankruptcy judge overseeing the city's case ordered the disclosure.

Wayne County is expected to vote Tuesday on a proposal to sell an unfinished, bond-financed jail project in downtown Detroit to a private developer.

The federal judge overseeing Detroit's bankruptcy case ruled Thursday that the city must reveal the fees it plans to pay to Barclays for a $350 million debtor-in-possession financing, one of the few DIP loans for a municipality in Chapter 9.

Detroit's mayor-elect Mike Duggan introduced the core of his transition team even as he said it remains unclear how much power he will have under the city's state-appointed emergency manager.

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

A state-run board Tuesday approved Gov. Rick Snyder's push to lease Belle Isle, Detroit's biggest park, for up to 30 years, killing an alternative 10-year lease proposed by the Detroit City Council.

Michigan will pay 0.40% in interest for $30 million of two-year taxable general obligation bonds that the state sold in a competitive sale last week.

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.