Midwest

A hearing on Detroit's interest-rate swaps and proposed borrowing was pushed back until Tuesday due to a massive winter storm in the Midwest.

Detroit emergency manager Kevyn Orr said he asked the Securities and Exchange Commission to investigate the city's interest-rate swaps amid "serious questions" about the legality of the financings.

Bond insurer Ambac Assurance Corp. urged the federal judge overseeing the Detroit bankruptcy to reject the city's latest swap-termination deal, saying the terms are too rich in light of legal questions tied to the original financings.

Reduced federal funding prompts Kentucky and Ohio to consider using a P3 to build the $3.57 billion Brent Spence Bridge Project between Kentucky and Cincinnati.

As Detroit gears up to file its plan of adjustment this month in its historic bankruptcy case, the chief mediator in the case ordered the city Tuesday to meet with bondholders in a series of mediation sessions next week.

The mediators overseeing Detroit's bankruptcy case recommended that the bankruptcy judge approve a settlement between the city and its interest-rate swap counterparties, calling it a significant step.

A group of retired teachers and school officials launched the first legal challenge to Illinois' controversial pension reform law, claiming it is unconstitutional.

Detroit emergency manager Kevyn Orr filed an order with the bankruptcy court outlining and defending the city's revised settlement with its interest-rate swap counterparties.

Detroit's pension funds Thursday asked a federal circuit court to allow an expedited appeal of the bankruptcy court's recent ruling that the city is eligible for Chapter 9 and that its pensions can be cut, saying the case has national implications that warrant a speedy review.

Attorneys for Detroit's pension funds said they will challenge a new settlement between the city and its interest-rate swap counterparties.