Michigan

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.

Michigan Attorney General Bill Schuette issued an opinion that Detroit's Downtown Development Authority has the constitutional authority to use its funds for a new $650 million public-private hockey stadium and entertainment district.

Detroit issued $1.28 billion of new debt that its bond team says required novel financing structures to satisfy both Michigan municipal law and the strict confines of Chapter 9 creditor settlements.

The largest municipal bankruptcy in the U.S. formally ends at 12:01 a.m. Dec. 11, and Detroit will begin fresh with local control and $7 billion less debt.

Detroit emergency manager Kevyn Orr said he is leaving the city with a new budget that would have a $100 million surplus after two years.

The Michigan House of Representatives Dec. 4 narrowly passed a roads funding bill that would raise $1.2 billion by diverting money now sent to schools and local governments.

Detroit emergency manager Kevyn Orr said he plans to resign from his position in the new few weeks and that he hopes the city will be allowed to formally exit bankruptcy by Christmas.

Ottawa County, Mich., is bringing $29 million of gilt-edged federally taxable bonds to market on Wednesday to pay off a chunk of its unfunded pension liability, the first of several similar deals that may be on the horizon from local Michigan issuers.

Michigan Gov. Rick Snyder is urging lawmakers to overhaul the state's gas tax formula within the next three weeks to raise up to $1.4 billion or more in new annual road funding.

The state of Michigan may come to market in the next several weeks with a $450 million bond deal to finance a controversial new hockey stadium in Detroit.

A federal judge wants more information on bond firms involved in a $31 million borrowing by Allen Park, Mich. that was the target of a recent SEC probe.