Bankruptcy

Detroit's emergency manager said Wednesday he has presented the city's creditors with a proposed plan of adjustment, a key benchmark in the historic Chapter 9 case.

The Detroit Institute of Arts said it will try to raise $100 million as part of a high-profile public-private effort to raise money to pledge to the city's pensions while safeguarding its prized art collection.

The lawyer representing Rhode Island in its suit against 38 Studios told state lawmakers that legislation would enhance the prospects of a settlement.

The city of Stockton, Calif. now has a new city manager, Kurt Wilson, to help guide it through the remainder of its bankruptcy process.

Sentencing for convicted bid-rigger David Rubin has been pushed back until March 6 because his attorney will not be able to be present during the previously scheduled Feb. 3 date.

Moody's Investors Service has downgraded the issuer rating on Fresno, Calif. to Baa1, and about $300 million of related debt a notch further into junk territory.

A plan to fund Detroit's pensions while protecting its art collection received a boost Tuesday when a major foundation pledged $40 million to the effort.

Michigan Attorney General Bill Schuette Monday asked a federal appeals court to expedite a decision on whether Detroit can cut its pensions, calling it a question of national importance.

Fitch Ratings blasted Michigan Governor Rick Snyder's plan to pledge $350 million to Detroit pension debt, warning it could set a troubling precedent by elevating pension claims above bond debt.

The Michigan treasurer said that a state review team has found Royal Oak Township and Highland Park, both Detroit area cities, to be in a state of financial emergency.

Minnesota plans to sell $468 million of general fund appropriation-backed bonds for a new Minnesota Vikings stadium on Monday, two weeks after the state pulled the deal due to an 11th hour legal challenge.

A day after Michigan Gov. Rick Snyder unveiled a plan to pledge $350 million to Detroit's pensions, bondholders said it remains unclear how the influx of cash will play out legally.

Arizona public schools say the state owes them $330 million in state funding withheld during the economic downturn.

Michigan Gov. Rick Snyder said the state will commit up to $350 million to pay off Detroit's pension debt and protect its prized art collection, in what would be the state's first significant intervention in the historic bankruptcy.

Houston is seeking to overturn a Texas law that limits its right to negotiate limits on firefighter pension contributions.

An investigation of Florida's Orlando Orange County Expressway Authority prompted the board Wednesday to reduce the terms of a contract offer to the new executive director.

The judge overseeing Detroit's bankruptcy case turned down a request by bond insurers and other major creditors to weigh in on the fate of the city's art collection.

The Minnesota Supreme Court refused to block the state's sale of $468 million of general fund appropriation-backed bonds to help pay for the new $975 million Minnesota Vikings NFL football stadium.

State District Judge John Dietz reopened testimony on Texas school funding Tuesday, nearly a year after his ruling that the state's formula was unconstitutional.

Municipal bankruptcy expert James Spiotto is proposing the idea of public pension authorities to resolve pension issues.