Michigan

Detroit Bankruptcy Judge Steven Rhodes pushed back the start date of a trial on the city's confirmation plan by eight days to Aug. 29, noting that the city's plan to reach a settlement with its water and sewer bondholders will likely result in a newly amended confirmation plan.

The Detroit Council unanimously approved emergency manager Kevyn Orr's plan to refinance up to $5.5 billion of water and sewer bonds to help resolve the city's bankruptcy.

Detroit asked the bankruptcy court to approve financing deals that would allow it to refinance up to $5.5 billion of water and sewer debt, providing the first glimpse of settlement details with the bondholders in the court request.

Borrowing by Midwest issuers slid 13.2% for the first half of 2014 but new-money issuance fueled by Chicago and Illinois deals helped boost new-money by 16.8%.

The National Association of Bond Lawyers released a paper Tuesday to help educate bond lawyers and other market participants about general obligation bonds in the wake of the Detroit and Jefferson County, Ala. bankruptcy filings.

Syncora Guarantee Inc. is targeting the federal mediators who crafted the main settlement at the heart of Detroit's bankruptcy exit plan, arguing that they showed illegal and politically motivated bias toward pensioners and saving the city's art.

Detroit said a planned $300 million exit financing that key to its recovery will feature a first lien on income taxes and mature in 11 to 15 years.

The mayor of the city of Warren in Macomb County has filed a lawsuit to overturn a recent ballot proposition that will phase out the personal property tax, which goes to local governments.

Michigan's Attorney General are asking the state supreme court to reconsider a recent ruling that budget officials warn ruling could cost the state up to $1.1 billion and dig a hole in the current-year budget.

Michigan is selling $266 million of state trunk line refunding bonds on Wednesday, hoping to see savings of nearly 8% on the original debt.

Detroit launched a tender offer program for holders of $5.2 billion of water and sewer bonds Thursday night, offering tender prices that range from a high of 118 cents on the dollar to a low of 72.5 cents on the dollar as it aims for a massive refinancing that will end a months-long battle with water and sewer bondholders.

Bond insurer Syncora Guarantee Inc., Detroit's fiercest opponent in the city's bankruptcy case, said it is already gearing up for appeals process assuming the city's plan is confirmed in a trial set to start later this month.

Bankrupt Detroit has floated a plan asking holders of $5.2 billion of water and sewer bonds to tender their debt, allowing the city to refinance in an effort to achieve savings.

Michigan voters Tuesday approved a proposition to phase out an unpopular business tax that funds local governments while in the Detroit region, voters passed tax increases that will stave off financial emergencies for at least two local governments and threw long-time Wayne County Executive Robert Ficano out of office.

Detroit emergency manager Kevyn Orr is looking for private firms interested in taking over the city's parking system, where nearly half the meters are reportedly broken.

Michigan voters Tuesday will consider a ballot measure that would phase out the personal property tax, which is levied on businesses and is a chief source of revenue for local governments.

A troubled Michigan school district located in a city only recently freed from state control stepped closer to its own takeover Friday when a review team announced it has found a financial emergency.

The Sixth Circuit Court agreed to postpone hearings on a series of appeals on the city's eligibility to enter into Chapter 9 after a group of labor creditors in the Detroit bankruptcy and the city asked for the delay.

A rating boost affirms the ability of bond insurer Assured Guaranty to minimize its Puerto Rico exposure, according managing director John Hallacy.

A year after Detroit filed for bankruptcy, the city's decision to put pensioners above bondholders has created an uncertain recovery environment for the entire muni sector, according to Standard & Poor's.