Michigan

A Detroit charter school defaulted on its Oct. 1 debt payment despite carrying a pledge of state aid, an intercept feature, and other protections designed to enhance bondholder security.

Michigan Gov. Rick Snyder, after giving a rare deposition related to Detroit's bankruptcy case, issued a statement saying the Chapter 9 filing was a difficult but necessary decision.

Michigan Gov. Rick Snyder will be questioned under oath Wednesday about the decisions leading up to Detroit's historic bankruptcy filing.

Catholic Health East won its second upgrade in as many weeks after its merger with Michigan-based Trinity Health as the new system prepares to come to market with $305 million of bonds.

A lot of work needs to be done in Detroit, but the city has a great deal of potential, Michigan State Treasurer Andy Dillon said.

The resolution of Detroit's obligations in its Chapter 9 bankruptcy stands to shape the municipal bond market for years, the Federal Reserve Bank of Chicago concludes in a new report.

The city of Allen Park in Michigan is demonstrating a potential path for working through municipal financial stress by addressing issues relatively early on and by gaining important support from residents and the banking community.

Detroit's long-term revival depends on the ability to access the capital markets, which requires fair treatment of its bondholders in bankruptcy, said bankruptcy expert James Spiotto.

Detroit Emergency Manager Kevyn Orr said he is considering several ways to wring cash out of the Detroit Institute of Art's collection.

Bankruptcy Judge Steven Rhodes agreed to briefly lift the automatic stay on Detroit's bankruptcy temporarily to allow a state judge to issue an opinion on a related '13th check' pension dispute.

Fitch Ratings confirmed Wednesday that Detroit made its Oct. 1 debt service payments on water and sewer bonds despite a default on its general obligation debt.

Insurance is making a big difference in trading prices on Detroit's general obligation debt as the city was poised Tuesday to officially default on its first GO full faith and credit pledge.

The fiscal condition of Michigan local governments continues to improve from a nadir in 2010, but the pace of improvement slowed dramatically in fiscal 2013, according to a University of Michigan report.

As promised, Fitch Ratings Monday dropped Detroit to D from C a day ahead of the city's expected default on its general obligation bond payments.

Bankruptcy Judge Steven Rhodes, who oversees Detroit’s bankruptcy case, will hear arguments over the legality of the state’s emergency management law as well as other issues Wednesday.

Detroit emergency manager Kevyn Orr said last week he wants to freeze the city's two pension funds by the end of the year and shift employees into a 401(k)-style plan.

Oakland County, Mich. said time and money -- not fear of a Detroit penalty -- drove its decision to do its first-ever private placement, on a long-planned $350 million general obligation refunding.

White House officials announced they are freeing up $300 million of federal funds for Detroit to tell the rest of the country the Obama administration believes in the city's future.

Detroit will default on its October 1 general obligation bond payments, making it one of the largest cities to default on such a payment since the Great Depression.