Michigan

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

Bond insurer Syncora Guarantee Inc. filed an objection to Detroit's effort to repair its broken down streetlight system with the use of the city's utility tax to back bond payments.

Texas voters approved a $2 billion water bond program Tuesday in the largest of many bond related issues voters decided in the off-year.

Detroit late Tuesday asked the federal judge overseeing its bankruptcy case to approve a controversial $350 million debtor-in-possession financing.

Former Michigan Treasurer Andy Dillon said Tuesday that he became convinced bankruptcy was inevitable for Detroit when he saw the city’s proposal for unsecured creditors.

Former Michigan Treasurer Andy Dillon may be called to testify Tuesday as the battle over Detroit's eligibility to enter into bankruptcy enters its seventh day.

Midwestern voters face a mix bag of bond and electoral questions Tuesday including bond referenda, and a pension measure in Cincinnati.

Ahead of a $30 million deal, ratings analysts said Michigan continues to rebound from recession and appears well protected against fallout from the Chapter 9 bankruptcy of its largest city, Detroit.

Wayne County, Mich., centered on Detroit, was downgraded to Standard & Poor's lowest investment grade rating in its third downgrade from a major ratings agency in three months.

Fitch Ratings knocked Detroit's Downtown Development Authority – planning a $650 million hockey arena and entertainment complex -- into junk-ratings territory.

Detroit’s bankruptcy eligibility trial will continue into next week after five days of testimony in which Michigan Gov. Rick Snyder and Detroit emergency manager Kevyn Orr sparred with creditor attorneys.

In historic testimony in Detroit's bankruptcy case, Michigan Gov. Rick Snyder said the state did not offer any aid to the ailing city to avoid pension cuts.

Detroit emergency manager Kevyn Orr made his first court appearance late Friday to testify in the city’s Chapter 9 bankruptcy trial.

Bloomfield Township, Mich. will sell $80 million of pension obligation bonds, in the first public offering of pension debt under a Michigan law allowing municipalities to borrow to cover unfunded retirement liabilities.

Bond insurers fought Detroit's restructuring proposal ahead of its bankruptcy filing in part because they did not want to set a precedent for other cities, said the city's investment banker Ken Buckfire.

Michigan Gov. Rick Snyder will take the stand as soon as Monday to testify in Detroit's historic bankruptcy case.

Detroit enters the most critical stage of its historic bankruptcy case Wednesday as the trial begins to determine the city's eligibility to enter into Chapter 9 protection.

The Detroit City Council Monday unanimously rejected a debtor in possession loan, a move that doesn’t kill the deal but does delay it.

The Detroit City Council is expected to vote Friday or Monday on a $350 million debtor-in-possession financing the city wants to use to pay off its interest-rate swaps.