Michigan

Michigan's Wayne State University expects to return to the bond market to raise up to $14 million for the new business school for which it broke ground last month.

Bondholders' poor recovery relative to pensioners in Detroit was typical of municipal bankruptcies, as protecting the workforce has outweighed debt repayment in courtrooms across the nation.

Detroit-based law firm Clark Hill is expanding its public finance reach in Michigan with the acquisition of competitor Axe & Ecklund.

The city of Wayne, Michigan lost its investment grade rating amid struggles to erase red ink and faces further credit erosion as it veers toward state oversight.

Michigan needs to increase funding to adequately meet the state’s education needs, a new research report warns.

A $70 million injection of private capital from local philanthropists will boost Kalamazoo, Michigan, said Moody’s Investors Service.

The Great Lakes Water Authority is preparing its first bond issues since launching on Jan. 1, when it assumed Detroit’s $5.5 billion water and sewer debt portfolio and took charge of regional water management.

Detroit Public Schools' $212 million of state aid-backed bonds received a downgrade to junk from S&P Global Ratings.

A compromise agreement to put a tax hike on the November ballot that would help fund a $4.7 billion mass transit funding package for Southeastern Michigan could be voted on Thursday.

The Southeast Michigan Regional Transit Authority failed to secure enough votes to put a 20-year transportation millage on the Nov. 8 ballot in a vote taken this week.

Investor appetite for yield overcame any credit quality concerns buyers had as Detroit saw strong demand for its first post-bankruptcy general obligation/distributable state aid backed bond sale issue.

Detroit, already facing headwinds with its first post-bankruptcy general obligation/distributable state aid backed sale, could suffer some spill due to the state’s disruption of a similar security on some of Detroit Public Schools' bonds, one municipal market participant suggested.

The authority that runs Detroit's main airport is on the hunt for a new leader following chief executive officer Thomas Naughton's decision to retire this fall.

With all governmental approvals and ratings in hand, Detroit expects to be in the market soon with its first post-Chapter 9 general obligation state distributive aid backed borrowing.

A Michigan board has authorized key pieces of the $617 million restructuring of the Detroit Public Schools amid lingering market questions over the fate of the district's bonds.

Detroit announced plans to pay for higher contributions to its public safety pension fund by hiring fewer firefighters.

Negotiations continue on a proposed restructuring of $190 million of debt Lombard, Illinois issued for a hotel and conference center, amid a fresh default.

Congressional action on transportation helped spur an upgrade for some outstanding Michigan Garvee bonds ahead of a $613 million refunding deal.

With its books restored to order, Wayne County, Mich., says it’s ready to return to the market with $200 million of borrowing to complete its unfinished jail project in downtown Detroit.

Benton Harbor, Michigan has won release from state oversight.