Midwest

Two Illinois based not-for-profit healthcare systems -- Northwestern Memorial Healthcare and Cadence Health – said they plan to complete their merger on Sept. 1.

Detroit has finalized an agreement with Barclays Capital Inc. for up to $275 million in financing to exit Chapter 9 bankruptcy as the city gears up for a trial next week on its confirmation plan.

Facing pressure to approve a new tribal casino in southeastern Wisconsin, Gov. Scott Walker said his administration is proceeding cautiously in its ongoing review over concerns that the state could lose $100 million in payments from nearby tribal casinos.

Detroit said it stands behind the proposed $815 million 'grand bargain" as the best solution to aid pensioners and protect the city art museum's collection, rejecting an offer from Art Capital Group for a $4 billion loan with the art collection serving as collateral.

Detroit’s $1.8 billion water and sewer revenue bond sale this week drew about $7.6 billion of orders, officials said, allowing the city to lower interest rates and carve out some additional savings.

The judge in charge of mediation in the Detroit bankruptcy case ordered a new round of talks between the city and holders and insurers of $1.4 billion of pension certificates of participation.

The trustee on $20 million of unrated bonds issued for the bankrupt Leafs Hockey Club in suburban Chicago hopes to reach a debt restructuring deal with the club by early October but the two sides remain at loggerheads over the club's fiscal prospects.

Standard & Poor's raised Detroit's water and sewer revenue bonds three levels up from junk bond territory ahead of the city's $1.8 billion sale of mostly refunding bonds, offering a more positive assessment than Fitch Ratings or Moody's Investors Service.

Detroit plans to sell $1.8 billion of water and sewer bonds Tuesday through the Michigan Finance Authority in a transaction that allows it to finance the purchase of $1.5 billion of tendered bonds and further its efforts to exit bankruptcy.

Detroit's voluntary tender program of its water and sewer revenue bonds may have provide an "optimal solution" for the market but it still represents a default, Municipal Market Advisors said Monday.