Midwest

Syncora Guarantee Inc. is pushing back against widely reported claims that it is receiving 26 cents on the dollar in its tentative settlement with Detroit, saying the actual recovery is “much lower than reported.”

Detroit's chief bankruptcy mediator ordered FGIC, the last holdout creditor, into talks with the city and Syncora Guarantee Inc. and other major creditors on Friday to try to resolve a dispute over $1.5 billion of certificates of participation.

Detroit and Syncora Guarantee Inc. will spend the next few days working to finalize a major agreement that would speed up the bankruptcy, but important questions remain in the case, muni market experts said.

Detroit's historic bankruptcy case saw a major breakthrough late Tuesday when the city and its strongest opponent, bond insurer Syncora Guarantee, announced they had reached an agreement in principal.

Two-term Indiana Treasurer Richard Mourdock resigned four months before the end of his term, prompting Gov. Mike Pence to appoint long-time public finance figure Dan Huge as interim replacement.

Detroit Mayor Mike Duggan said emergency manager Keyvn Orr will likely serve as a consultant to the city's bankruptcy after his tenure as emergency manager expires at the end of the month.

Detroit has reached a deal to spin its troubled Water and Sewerage Department to a new regional authority, that allows up to $800 million of new money bonds for capital improvements to assets located in the city limits.

The Minneapolis-St. Paul Metropolitan Airports Commission heads into the market Wednesday with a $275 million subordinate general airport revenue refunding with no near-term new-money borrowing in sight.

Detroit entered the second week of the confirmation trial for its bankruptcy exit plan Monday, calling witnesses who testified to the city's desperate need for the $1.5 billion of capital investments featured in the plan.

An affordable-housing project for elderly renters near Dayton, Ohio marks the first use of Freddie Mac's new direct purchase tax-exempt note program that allows borrowers to privately place their debt with Freddie.