Michigan

Michigan will likely have a federal health insurance exchange instead of a joint state-federal partnership after the state Senate last week recessed for spring break without meeting a federal deadline.

Detroit's new emergency manager began the job early Monday morning, meeting with the mayor and city council members and reiterating his agenda of tackling the city's debt, employee benefits, and city services.

The Rev. Jesse Jackson Friday traveled to Detroit to join local leaders in calling for mass civil disobedience against Michigan's takeover of Detroit and to announce a federal lawsuit expected to be filed next week.

A new report from Michigan State University finds that Michigan cities and towns have a combined other post-employment benefit liability of $13.5 billion – with more than 40% of that owed by Detroit.

County executives in southeast Michigan made their final appointments to a newly created four-county Regional Transit Authority.

Michigan Treasurer Andy Dillion could not pinpoint Detroit emergency manager Kevyn Orr's biggest challenge, but said reaction to Orr's appointment has been positive.

Standard & Poor's Friday boosted its outlook on junk-rated Detroit to stable from negative, saying the state's appointment last week of an emergency manager bodes well for the city's future fiscal position.

Michigan firm Miller Canfield Paddock and Stone PLC is expected to continue to serve as Detroit's local outside counsel as it embarks on a large-scale restructuring, with Ohio-based Jones Day serving as national restructuring counsel.

Gov. Rick Snyder Thursday appointed Jones Day bankruptcy attorney Kevyn Orr as Detroit emergency financial manager. Orr warned creditors that he's willing to use bankruptcy.

Louisville-based Hilliard Lyons hired a pair of Michigan public finance veterans by buying their firm Great Lakes Capital Markets as it continues to expand in the Midwest and Southeast.

Detroit officials at an appeals hearing in Lansing Tuesday said Michigan should craft a stronger consent agreement to help stabilize the city instead of taking Detroit over by appointing an emergency financial manager.

Moody's Investors Service last week downgraded to Baa1 from A2 its rating on Romulus Community Schools, a suburban Detroit school district with declining enrollment and pressured financial position.

Detroit Mayor Dave Bing chose Cleveland-based law firm Jones Day to serve as counsel for the city's restructuring plan.

Former Detroit Mayor Kwame Kilpatrick headed straight to jail Monday just hours after a jury found him guilty of 24 counts in a months-long federal corruption trial.

Standard & Poor's last week downgraded its rating to B-minus from B on the Detroit suburb of Allen Park, a once-wealthy city that is now under emergency management, due in part to $31 million of bonds issued for a failed film studio.

Detroit Mayor Dave Bing said Wednesday he would not fight the state's plan to appoint an emergency financial manager to take over the city, just an hour after the city council formally requested a hearing to appeal the appointment.

Michigan Gov. Rick Snyder's historic decision Friday to take over the city of Detroit bodes well for the credit and for other local distressed governments, muni experts said, even as Snyder warned that all creditors might take have to take a loss.

Michigan Gov. Rick Snyder Friday announced that the long-suffering city of Detroit was in a state of financial emergency, paving the way for a full state takeover within two weeks.

Mike Duggan, the former CEO of the Detroit Medical Center and a former Wayne County prosecutor, was expected Tuesday night to make official his mayoral bid, as the threat of a state takeover looms.

Detroit Mayor Dave Bing announced last week that deputy mayor Kirk Lewis left the administration for a job in the private sector.