Michigan

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.

Detroit's move to secure debtor-in-possession financing marks a first for Chapter 9, one that, if successful, could pave the way for other bankrupt or cash-strapped cities, municipal bond experts said.

Gov. Rick Snyder Tuesday tapped former insurance executive R. Kevin Clinton as Michigan treasurer, a job that includes oversight of financially troubled communities such as Detroit.

Richard Baird, a top advisor to Michigan Gov. Rick Snyder, said he had considered trying to push for legislation to provide some protection for Detroit's low-income pensioners.

Outgoing Michigan Treasurer Andy Dillon outlined Detroit's descent into bankruptcy in a deposition ahead of hearings on whether the city is eligible to enter into Chapter 9.

In a first of its kind deal, Detroit has secured debtor-in-possession financing, a $350 million loan from Barclays that is backed by a pledge of income tax and casino revenues.

Michigan treasurer Andy Dillon is stepping down after months of negative headlines over a messy divorce and other issues that he said were becoming a distraction to the state.

Chapter 9 is supposed to make it easier for a struggling municipality to borrow, but the decisions made so far by Detroit’s leaders may have the opposite effect, bankruptcy expert James Spiotto said Friday at the Bond Dealers of America conference here.

Detroit's historic bankruptcy filing may lead to precedent-setting decisions on the treatment of general obligation bonds and other debt, though it has not meant big changes in daily investment strategy so far, according to a pair of market participants at the Bond Dealers of America conference.

Syncora Guarantee, Inc., the bond insurer that wraps some of Detroit's pension certificates, Thursday filed an appeal to Bankruptcy Judge Steven Rhodes' ruling that blocks the insurer's ability to freeze the city's casino revenue.

Former Detroit Mayor Kwame Kilpatrick was sentenced Thursday to 28 years in federal prison for running a criminal enterprise to enrich himself and his friends during the six years he was mayor of the struggling city.