Michigan

Michigan is reportedly looking for ways to provide debt relief for the cash-strapped Detroit Public Schools as part of a larger turnaround plan.

Federal Bankruptcy Judge Thomas Tucker, who took over Detroit's bankruptcy this week, asked attorneys to meet with him to address any lingering issues in the historic case.

Standard & Poor's dropped Wayne County, Mich.'s limited-tax general obligation rating out of investment grade territory over its weakening financial position and warned of the potential for further deterioration.

U.S. Bankruptcy Court Judge Steven Rhodes, who oversaw Detroit's historic Chapter 9 bankruptcy, will retire Feb. 18, the court announced Friday.

Detroit will float $119 million of water and sewer bonds through the state's revolving fund under a resolution approved Thursday by the financial commission that oversees the post-bankrupt city.

U.S. Bankruptcy Judge Steven Rhodes has approved $183 million of fees charged by professionals during the city's bankruptcy, in a ruling that heaps praise on the attorneys and consultants who worked on the city's behalf.

The Detroit Water and Sewerage Department wants to impose double-digit rate hikes to offset flat revenues even as the city and suburban leaders continue to try to hammer out a final deal to lease the troubled department to a regional authority for 40 years.

Michigan Gov. Rick Snyder's 2016 executive budget features only modest spending increases and little borrowing as the governor continues to push lawmakers to support a sales tax increase to generate $1.3 billion in new road money.

Detroit Mayor Mike Duggan said in his state of the city address Wednesday night that the city is on the road to recovery and that he’s focused on growing population to ensure long-term survival.

A day after Wayne County officials warned of a grim financial picture, Moody's Investors Service stripped the county of its investment-grade rating and Fitch Ratings put its already junk-bond ratings on negative watch.

Michigan gave Flint $2 million to improve its water quality, which has plummeted since it exited Detroit's system, under the state's new distressed cities program.

Fitch Ratings, which already maintains junk ratings on Wayne County, Mich., put the ratings on a negative watch just hours after the release of a new audit that warns the county could be out of cash by next summer.

The newly elected head of Wayne County Michigan, home to Detroit, warned Thursday that the county is on track to run out of cash by August 2016, calling it “financial Armageddon.”

Detroit Public Schools is offering $197 million of general obligation bonds through the Michigan Finance Authority backed by a state school loan fund program.

Trinity Health has pulled a $1.1 billion bond deal amid rising yields, putting the deal on the day-to-day calendar until the market improves.

Trinity Health this month prices its first significant bond deals since it merged with Catholic Health East in 2013, with three transactions totaling $1.45 billion including its first taxable deal.

More than two-thirds of Detroit homeowners will see property assessment reductions of 10% to 20% under a major reassessment program launched by Detroit Mayor Mike Duggan.

The nation's second-largest health care provider, Trinity Health, is bringing $1.4 billion to market next week in a deal that will in part raise money for a $4.5 billion capital plan.

It could be a crucial year for Detroit Public Schools as Michigan Gov. Rick Snyder, Detroit Mayor Mike Duggan and a newly created coalition of Detroit leaders take on problems at the long-troubled district.

Michigan's proposal to raise the sales tax to generate new road funding would also generate fresh dollars for school districts, Moody's Investors Service said Friday.