Michigan

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.

Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.

Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.

Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.

The Detroit Institute of Arts has raised 80% of the $100 million it pledged to contribute to Detroit's underfunded pension debt.

One year after Detroit filed for bankruptcy, muni experts said the city's approach should set a precedent for how not to manage a distressed workout, and that they've learned to throw out many traditional assumptions and beliefs about the treatment of bond debt in Chapter 9.

The 6th Circuit Court of Appeals set an accelerated two-week schedule to consider bond insurer Syncora Guarantee's appeal of a key decision in Detroit's bankruptcy case.

Detroit's newest bondholder settlement calls for a 66% haircut for limited-tax general obligation bondholders, a deal that's severe but unsurprising given Detroit's credit, muni experts said.

With its emergency manager warning of a possible bankruptcy, the city of Flint is hoping a temporary court ruling allowing it to cut retiree health care benefits will bring some relief to its 2015 budget.

Syncora lost a key appeal in the Detroit bankruptcy case, giving the city continued access to crucial casino revenues.

Detroit's settlement with its limited-tax general obligation bondholders would repay them 34 cents on the dollar, the lowest recovery rate reached in a deal so far in the case.