Michigan

The Detroit City Council approved Mayor Dave Bing's $1.1 billion general fund 2014 budget for the city, which is under emergency management.

Holders of Detroit's general obligation bonds are taking note of the specific pledges securing their paper and how the debt might be treated differently in bankruptcy.

A five-member Michigan review team Thursday said it found a fiscal emergency in the long-troubled Detroit suburb of Hamtramck, which could lead to an emergency manager.

Michigan Gov. Rick Snyder and GOP leaders have reached an agreement on spending targets for 2014, but Snyder said the $50 billion plan fails to address some long-term issues, including Medicaid and road funding.

A proposed merger between Beaumont Health System and Henry Ford Health System was cancelled Tuesday.

Just weeks after announcing he would step down as emergency manager of Detroit Public Schools, Roy Roberts said last week he would stay for six more months.

Detroit's plan to restructure its debt "puts default squarely on the table" and signals bankruptcy is a real option, Moody's Investors Service says in a comment.

Michigan's recovery from its "lost decade" is expected to continue through 2017, economists and fiscal officials said, projecting nearly $700 million in largely one-time new revenues for the 2014 budget.

Detroit Mayor Dave Bing, who ran the city amidst its most tumultuous period, said Tuesday he won't run for re-election – but said he is eying a bid for Wayne County Executive's office.

Fitch Ratings last week downgraded Kalamazoo, Mich. to AA from AA-plus, saying the city faces a myriad of challenges.

The Detroit branch of the National Association for the Advancement of Colored People filed a lawsuit Monday saying Michigan's new emergency management law violates the voting rights of African Americans.

Putting bondholders on notice, Detroit Emergency Manager Kevyn Orr said restructuring the city's debt is essential to the city's survival and outlined four options he is currently considering in a new report released Sunday.

The Michigan State Building Authority, a key state bond issuer that last entered the bond market in mid-2011, approved the issuance of $535 million of new-money and refunding bonds.

Detroit's Emergency Manager is expected to unveil his highly anticipated report on how to restructure the city's operations and debts on Monday.

Detroit Emergency Manager Keyvn Orr Monday issued his sixth executive order, approving funding for the newly created Public Lighting Authority.

A judge last week ordered Detroit Emergency Manager Kevyn Orr, the state budget director and another state official to be deposed in a lawsuit contesting Orr's appointment.

Six months after announcing a proposed merger, Trinity Health and Catholic Health East said Thursday they've closed the deal, which will create the second-largest health care provider in the country.

After two years of running the troubled Detroit Public Schools, Roy Roberts announced Wednesday morning he will step down from the post in two weeks.

Michigan Gov. Rick Snyder said Tuesday that the Detroit suburb of Ecorse has recovered enough to remove its emergency manager, though a three-member board will continue to cover significant financial operations.

The executive committee of the Southeast Michigan Council of Governments, which oversees the region's transit plans, voted last week to switch to a new funding formula that will mean the loss of significant funding for Detroit.