Michigan

With the possibility of Chapter 9 hanging over Detroit Public Schools, investors holding Detroit schools debt may want to consider selling, says Municipal Market Analytics.

The head of Wayne County, Mich., home of Detroit, has unveiled a recovery plan with deep cuts – including wiping out retiree health care – in an effort to avoid bankruptcy.

Former Detroit Emergency Manager Kevyn Orr is returning to Jones Day, the firm he worked at prior to ushering the city through the nation's largest municipal bankruptcy.

Michigan Gov. Rick Snyder signed legislation designed to ease Detroit's first post-bankruptcy appearance in the debt market.

A proposal to relieve Detroit Public Schools of a big chunk of its bond debt could increase education costs statewide, a public policy group warns.

Detroit Public Schools' CFO William Aldridge's departure comes at a critical time for the struggling district.

Michigan Gov. Rick Snyder has appointed two successor emergency managers to a pair of suburban Detroit school districts under state control.

The Michigan Legislature has passed a bill giving Detroit bondholders a statutory lien and intercept on its income-tax bonds, a measure aimed at easing the city's first public market sale since the end of its high-profile bankruptcy.

Two years after defaulting on a bond payment, the school district of Pontiac, Mich. has stabilized under state oversight but could go broke by July without additional aid, according to Moody's Investors Service.

The head of Wayne County, Mich., which is on track to run out of cash by next year, announced a series of cuts that mark the first phase of a larger restructuring aimed at staving off a state takeover.

A coalition of reformers charged with making recommendations to Gov. Rick Snyder to overhaul the troubled Detroit school district wants the state to take over the district's general fund debt payments, which total $53 million a year.

A Detroit-based coalition is set to release Monday afternoon a series of recommendations that Michigan Gov. Rick Snyder will use to help guide a high-profile reform of the troubled Detroit school system.

Moody’s Investors Service hit Detroit Public Schools with another downgrade late Monday, warning that the troubled district faces major fiscal stress and a rising debt burden.

Michigan Gov. Rick Snyder is touring the state urging voters to approve a May referendum to raise the state sales tax to generate new money for roads, saying it’s key to the state’s continued rebound.

Municipalities in fiscal crisis faced diminished abilities to manage federal grants because of workforce reductions, decreased financial capacities and outdated information technologies, the U.S. Government Accountability Office concluded in a report.

Macomb County reduced the maturity down to 20 years from 25 years on $263 million of OPEB bonds it sold last week, a move it said saved the county $47 million in interest costs.

Michigan senators approved a bill giving investors in Detroit’s income tax-backed bonds both a statutory lien and an intercept aimed at snagging at least one investment-grade rating on the city’s first post-bankruptcy bond deal set for the spring.

Michigan Gov. Rick Snyder appointed utility executive Nick Khouri as state treasurer to replace Kevin Clinton, who is leaving to return to the private insurance sector.

Hitting Wayne County, Mich. with its third downgrade in four weeks, Fitch Ratings warned that $200 million of bonds issued for a new downtown Detroit jail could be particularly vulnerable to default.

Detroit emerged from the largest municipal bankruptcy in the U.S. with stronger credit fundamentals but the city heads into the future facing major economic challenges, Moody's says in a new report.