Michigan

After a preliminary review, Michigan declared that no financial emergency exists in the East Detroit school district.

Standard & Poor's revised its outlook to negative on Western Michigan University Board of Trustees, warning that the university faces growing pressure from its debt load.

CHICAGO — A key bankruptcy hearing on Detroit’s proposed settlement with interest-rate swap counterparties set for this week was delayed Monday to allow negotiations with bond insurers and other creditors to continue.

Detroit is expected to ask the judge overseeing its bankruptcy to safeguard a revenue source it wants to use to back debt for repairs to its notoriously broken down public lighting system.

Michigan needs to play a bigger role in Detroit's recovery, and help the city access the capital markets, experts told the Michigan Municipal League's annual meeting.

Detroit's attorneys renewed arguments about the need for speed in its Chapter 9 case Thursday, telling the judge the city needs to know soon if it will officially be afforded bankruptcy protection.

A Financial Industry Regulatory Authority arbitration panel has ruled against The Police and Fire Retirement System of the City of Detroit, which was seeking at least $39.9 million from Citigroup Global Markets, Morgan Stanley Dean Witter and other firms over risky investments.

As one of the few major museums owned by a municipality, the Detroit Institute of Arts is in the crossfire of the largest municipal bankruptcy, says director Graham Beal.

Fitch Ratings renewed its warning about a potential broader market impact on how it rates unlimited tax GOs should Detroit prevail in bankruptcy in treating its unlimited tax bonds as unsecured.

Build America Mutual Assurance Co., the municipal-only financial guarantor seeking to establish itself in a reviving bond insurance market, this month wrapped $76 million of new general obligation bonds for Michigan issuers to help them overcome the taint of Detroit's bankruptcy.

Local Michigan issuers continued to trickle back into the market Tuesday, with the triple-A rated city of Troy paying anywhere from 50 to 100 basis points more than similarly rated debt.

The financial strains facing Michigan's school districts continued to mount in fiscal 2013, with a near-record number reporting deficits, inspiring new state initiatives to get a grip on the problem.

After more than a month of nothing, deals are starting to flow again for Michigan local issuers, as Genesee County tested the market Monday with $35 million of GO debt.

Warren Buffett's bond insurance firm Berkshire Hathaway Assurance Corp. made its first appearance in the Detroit bankruptcy as the city filed objections to creditors' requests.

Battle Creek, Mich., sold the first sizable deal featuring local Michigan general obligation bonds since Detroit's historic bankruptcy.

Flint, Mich. will get its third emergency manager within one year after current EM Michael Brown announced Wednesday he is stepping down.

Bond insurer Syncora Guarantee, Inc. will appeal a recent decision by federal Judge Steven Rhodes in Detroit’s bankruptcy, marking the first appeal in the case.

Michigan Gov. Rick Snyder Tuesday dropped his fight against the city's unions and agreed to be deposed in Detroit’s historic Chapter 9 bankruptcy case.

Detroit defended its right to enter into bankruptcy in a 135-page court paper that tackles creditors' objections and offers a few glimpses into arguments it may use in its Chapter 9 case.

Wayne County has abandoned work on a $300 million bond-funded new jail in downtown Detroit and formed a task force to study alternatives for the site and the project’s cost overruns.