Detroit bankruptcy

Bond insurer Syncora Guarantee said in a court filing that Detroit, as well as federal court mediators and even the bankruptcy judge himself have unfairly singled out the insurer as part of an anti-Wall Street public relations campaign.

Detroit officials will meet Thursday with Ambac Assurance Corp. and Blackrock Financial in a court-ordered mediation session to try to reach a settlement after months of failed talks.

Detroit's bankruptcy court judge has delayed the scheduled start date for hearings on the city's confirmation plan by three weeks to Aug. 14.

Detroit's hometown automakers pledged $26 million towards the Detroit Institute of Arts' $100 million share of the so-called "grand bargain" that's a key part of the city's plan to emerge from bankruptcy.

Michigan legislation that raises money for Detroit's pensions marks a "lost opportunity" for bondholders and reflects ongoing tensions between bond and pension recoveries in the bankrupt city, Moody's Investors Service said.

The Detroit City Council Thursday approved the transfer of the city's art collection to a charitable trust, a key piece of the so-called grand bargain that holds together the city's bankruptcy exit plan.

Holders of Detroit's bonds want the bankruptcy judge to consider key questions of whether the city's treatment of its bond debt is legal at a main confirmation trial this summer instead of a one-day hearing set for later this month.

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

A group of creditors led by bond insurers asked the federal judge overseeing Detroit's Chapter 9 bankruptcy to delay the confirmation trial by nearly two months, saying the city has failed to turn over key documents in a timely way.

Calling it a historic day in Michigan, Gov. Rick Snyder promised speedy approval of a package of bills aimed at resolving Detroit's bankruptcy with a state contribution to the city's pensions funds.

The judge overseeing Detroit's bankruptcy case Monday outlined 14 legal questions related to the city's plan of confirmation, three of which are related to Detroit's proposed treatment of its bondholders.

Fitch Ratings warned it would cut its rating on $5.7 billion of Detroit's water and sewer debt to as low as D if the bankruptcy court approves the city's current plan of debt adjustment.

A House representative has introduced a bill to an 11-bill package tied to Detroit's bankruptcy that would allow the city's mayor to sit on a key oversight board.

Emergency Manager Kevyn Orr said Detroit would be more attractive to Wall Street than ever once the bankrupt city emerges from Chapter 9 bankruptcy later this year.

Detroit's attorneys said they are in the midst of an effort to put a price tag on the city's art collection following repeated requests from bond insurers and other financial creditors.

The Detroit Institute of Arts, which has found itself at the center of the city's high-profile bankruptcy, warned that any attempt by creditors to cash in on the city owned museum's art would spark expensive litigation and undermine Detroit's post-Chapter 9 recovery.

Nearly a quarter of Detroit's buildings suffer from blight, and it would take $2 billion to fix the problem across the city, according to a report released Tuesday.

Martha Kopacz, municipal finance expert witness to the Detroit bankruptcy case, asked the court Friday to force the city and Ernst & Young to turn over key documents that they have so far refused to release.

Bond insurer Syncora Guarantee’s appeal of a key Detroit bankruptcy matter was assigned to a judge Thursday.

The Michigan House Thursday overwhelmingly and speedily passed legislation aimed at resolving Detroit's bankruptcy and creating oversight for the post-bankrupt city as it exits bankruptcy.