Michigan

The emergency manager of Hamtramck, a small town surrounded entirely by Detroit, began implementing her financial plan to revive the city by firing a trio of top city employees and cutting the City Council’s pay.

Oakland County’s delay on its $350 million bond deal originally set for next week has nothing to do with Detroit, a top executive said Wednesday.

Michigan Wednesday launched a financial investigation into two more local governments in the metro Detroit region.

Detroit emergency manager Kevyn Orr and the bankrupt city's investment banker said in depositions that the need to access casino revenue drove tense negotiations with interest-rate swap counterparties.

Oakland County, Mich., may delay a $350 million bond sale set for next week.

Bankruptcy Judge Steven Rhodes granted Michigan's request for an expedited hearing on a motion to quash a request to depose Gov. Rick Snyder.

Detroit sent out its request for proposals soliciting debtor-in-possession financing to a targeted group of investors late last week but they will remain confidential.

Lawyers for bankrupt Detroit and creditors opposed to its proposed interest-rate swap settlement met with a mediator Thursday as the city prepared to raise debtor-in-possession financing.

Judge Steven Rhodes, the federal judge overseeing Detroit’s bankruptcy case, ruled this morning that Detroit can continue to access crucial casino revenues while a dispute over a settlement on the city’s interest rate swaps is settled.

The Michigan Senate late Tuesday narrowly approved an expansion of the Medicaid program under the new federal health care law, which could bolster Detroit's bankruptcy reorganization plan.

Progress on a controversial bond-financed new hockey arena in downtown Detroit hit an obstacle this week when a state development board delayed a vote on the deal.

U.S. Bankruptcy Judge Steven Rhodes Wednesday heard arguments from a bond insurer trying to halt Detroit's only pre-filing settlement, which would terminate interest-rate swaps hedging the city's pension certificates.

Detroit Public Schools sold $92 million of one-year notes Tuesday with a 4.37% interest rate, a steep penalty compared to most municipal short-term debt but less than the district paid in recent years.

Of the 140 creditors challenging Detroit’s eligibility for bankruptcy, not one was a bondholder or bond insurer, who learned “an object lesson from Stockton,” according to bond attorneys.

After five years of state control, the Pontiac has finally resolved its financial emergency, Michigan Gov. Rick Snyder announced Monday.

Michigan lawmakers are taking a fresh look at a long-stalled plan to raise $1.2 billion in new money for the state's transportation infrastructure.

Creditors opposed to Detroit's bankruptcy petition face a midnight deadline today to file their objections to the plan, while firms fighting the city's one and only settlement gear up for a Wednesday hearing.

Detroit's Chapter 9 filing may be "a game changer" that resolves controversial issues that have not been dealt with in prior cases, according to paper on muni defaults from the Bond Dealers of America.

In a blow to state pension reforms, a Michigan appellate panel struck down provisions in a 2011 law requiring a minimum contribution from state employees to remain in the state's defined benefit plan.

Two small revenue deals from Michigan — a state transportation refunding and a school district financing — found buyers this week at acceptable rates, breaking a logjam on issuance from the state following Detroit's bankruptcy filing.