Michigan

Jones Day, the law firm that oversaw Detroit's bankruptcy, said it cut its fee by $18 million, leaving a $58 million final tab that it defended as reasonable given the "cutting-edge" nature of the Chapter 9 case.

Michigan Gov. Rick Snyder urged voters to approve a May 5 ballot referendum calling for an increase in the state sales tax to raise $1.2 billion in new road funding during his state of the state address Tuesday.

Michigan officials said Friday they expect general fund revenues to be down by $857 million over the next two years, largely due to higher-than-expected use of business tax credits.

Lazard Freres, which represented retirees in the Detroit bankruptcy, said it agreed to a 37% fee reduction as part of court-ordered mediation.

Michigan economists are warning of unexpected revenue declines, due largely to sizable business tax credits, as the state prepares to release formal revenue projections on Friday.

Michigan Gov. Rick Snyder Tuesday tapped Flint's emergency manager to take over as the fourth manager of the troubled Detroit school system.

The Securities and Exchange Commission is urging a federal court to accept the settlements it had reached with two former officials of the city of Allen Park, Mich., in November, after the court vacated them a day later and asked for more information.

The last remaining stand-alone non-profit hospital in southeast Michigan has signed a letter of intent to merge with the largest non profit health care system in the country.

Michigan Gov. Rick Snyder has signed into law a pair of bills to create a large tax-free industrial zone in Detroit, an effort that supporters say will boost employment and investment in the city.

Kalamazoo, the latest in a series of local Michigan governments borrowing to cover retirements obligations, is expected to sell $90 million of bonds this week to pay off a chunk of its OPEB liability.

In a written ruling outlining his verbal affirmation of Detroit's bankruptcy exit plan, the federal bankruptcy judge overseeing the case warned that if Michigan does not act to assure that cities can pay their pensions, it may mean a repeat of the high-profile bankruptcy.

The Motor City paid $170 million in attorney and advisor fees during the largest municipal bankruptcy in the U.S.

Beaumont Health, southeast Michigan's largest provider after a September merger with two local hospitals, is refunding $408 million of bonds in January for savings.

Standard & Poor's gave an investment-grade A-minus rating to a series of bonds Detroit recently sold as part of its exit from bankruptcy.

Michigan Gov. Rick Snyder has declared the financial emergency in Hamtramck resolved and put a Receivership Transition Advisory Board in place to help keep the city on a sound fiscal path as it transitions to independence.

A sales tax hike to support $1.7 billion in annual transportation and education funding will go before Michigan voters under a plan lawmakers approved in a compromise with Gov. Rick Snyder.

One week after its emergency from Chapter 9 bankruptcy, Moody's Investors Service has assigned Detroit an issuer credit rating that's deep in junk bond territory at the B3 level.

Michigan-based Trinity Health is acquiring the Connecticut-based Saint Francis Care in a deal that allows Trinity to expand its Northeastern footprint and gives Saint Francis improved access to capital.

Detroit has just under two weeks to submit and disclose the final tab of its 17-month bankruptcy after attorneys and advisors agreed in mediation to reduce their fees.

Macomb County, Mich., plans to bring $260 million of bonds to market in March to pay off its retiree health care liability.