Midwest

Bankruptcy Judge Steven Rhodes, who oversees Detroit’s bankruptcy case, will hear arguments over the legality of the state’s emergency management law as well as other issues Wednesday.

Detroit emergency manager Kevyn Orr said last week he wants to freeze the city's two pension funds by the end of the year and shift employees into a 401(k)-style plan.

Oakland County, Mich. said time and money -- not fear of a Detroit penalty -- drove its decision to do its first-ever private placement, on a long-planned $350 million general obligation refunding.

White House officials announced they are freeing up $300 million of federal funds for Detroit to tell the rest of the country the Obama administration believes in the city's future.

Chicago officially withdrew its application to privatize Midway International Airport in a letter to Federal Aviation Administration Friday.

A Cook County, Ill. Circuit Court judge sided with lawmakers Thursday in ruling that Gov. Pat Quinn violated the state constitution when he stripped legislative pay from the fiscal 2014 budget in an attempt to pressure them to act on pension reforms.

Chicago is ratcheting up pressure on Illinois lawmakers to tackle both its long- and short-term pension woes to avoid both insolvency and a $600 million spike in contributions looming in the coming years.

Chicago paid $3.5 million in fees and expenses to lawyers and other advisors on its aborted plan to privatize Midway International Airport, according to the city's Chief Financial Officer Lois Scott. She called the spending well worth it.

Detroit will default on its October 1 general obligation bond payments, making it one of the largest cities to default on such a payment since the Great Depression.

Chicago plans to sell up to $900 million of O'Hare International Airport general airport revenue bonds to raise new money for projects and refund older debt for savings.