Michigan

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.

Construction of a bond-funded bridge project between Detroit and Canada that could cost as much as $4 billion advanced Wednesday when Michigan Gov. Rick Snyder and Canadian officials announced appointments to a pair of new authorities that will oversee construction and financing of the span.

The federal judge overseeing Detroit's bankruptcy has delayed by one week the key trial in the case, while the city dropped its proposal to hire a post-bankruptcy monitor and FGIC dropped its subpoena of Gov. Rick Snyder

The 6th circuit appeals court will hear oral arguments Wednesday on Syncora's appeal of a key decision in the Detroit bankruptcy, one of the insurer's five pending appeals in the case.

The Detroit Metropolitan Wayne County Airport is heading to market next week with $107 million of airport revenue bonds, hoping it doesn't take too much of a beating for carrying what is one of the most tainted names in the municipal bond world.

Detroit emergency manager Kevyn Orr Tuesday issued an order that gives the city's mayor control of the Detroit Water and Sewerage Department.

A settlement with Detroit's limited-tax general obligation bondholders that calls for a 34% recovery also gives the creditors a say in the city's effort to repudiate $1.4 billion of pension certificates, one of the most controversial aspects of the bankruptcy case.

The outcome of Detroit's high-profile bankruptcy case could influence how other distressed Michigan governments prioritize their own retirement obligations against other types of debt, Moody's Investors Service said.

The Detroit Public Library said it will be forced to close its doors if voters reject a 10-year tax renewal on the Aug. 5 ballot.

Moody's Investors Service downgraded the issuer credit rating of the metro Detroit suburb of Mount Clemens by two notches to A2 from Aa3, two weeks before voters consider a property tax increase.

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.