Midwest

The Illinois International Port District, which owns the Port of Chicago, agreed with to lease most of the district's facilities to private investors.

The Securities Industry and Financial Markets Association warned Michigan Gov. Rick Snyder that the approach he is backing in Detroit's bankruptcy will cost cities across the state and urged him to uphold the city's unlimited-tax general obligation bond pledge.

Litigation is already stalling Detroit's effort to file for Chapter 9 bankruptcy protection.

As detroit enters into what would be the largest municipal bankruptcy in the u.s., ratings agencies said the outcome may have a negative impact on unlimited-tax general obligation bonds in future credit analysis.

WASHINGTON — Rep. John Conyers, Jr. is urging the chairman of the House Judiciary Committee to hold hearings about the increasing number of municipality filings for bankruptcy under Chapter 9 and whether cities are misusing the process to “unilaterally abrogate obligations” otherwise protected by law such as those to retirees and bondholders.

Chicago Public Schools began notifying more than 1,000 teachers of layoffs as the district chips away at a $1 billion deficit

Detroit's massive debt, its limited resources, the desire of state officials to put the city on a path of sustainability, and the huge costs of bankruptcy and other legal proceedings, in combination, virtually assures that holders of the city's debt will likely get cents on the dollar, even those who hold general obligation bonds, muni market participants said Friday.

An Ingham County Judge Friday afternoon said Detroit's bankruptcy filing is unconstitutional and ordered it withdrawn.

Officials overseeing Jefferson County, Ala.'s municipal bankruptcy say they understand the challenges and stigma that Detroit now faces.

Detroit emergency manager Kevyn Orr said Friday he expects an eligibility fight over the city's petition to file for Chapter 9 bankruptcy protection, but that his plan to pay creditors between 10 cents and 20 cents on the dollar should make for a speedy process.