Detroit bankruptcy

All of Detroit's major creditors, including bond insurers, Friday asked the federal judge overseeing Detroit's bankruptcy case to delay the fast-track schedule by at least a month or more.

Detroit Mayor Mike Duggan, in his first state of the city address, said the foundation has been laid for Detroit's revitalization as it moves through its historic Chapter 9 bankruptcy.

Standard & Poor's affirmed ratings and removed from CreditWatch Detroit's distributable state aid bonds issued in 2010 and 2012 through the Michigan Finance Authority.

The federal judge overseeing Detroit's bankruptcy case denied a request from major creditors, led by bond insurers, to slow down the city's fast-track schedule for approval of key bankruptcy documents.

Holders of Detroit's general obligation bonds are among the biggest losers in the city's debt plan, and that's prompting some muni market participants to call for a fresh look at how GOs are viewed.

The judge overseeing Detroit's bankruptcy case released a schedule Monday that sets hearings through June to consider the city's effort to shed its debts and move out of Chapter 9.

Detroit is being cautious about its revenue projections — and its ability to enter the capital markets — over the next decade, according to documents filed in bankruptcy court.

The bond insurers that wrap a chunk of Detroit's unsecured debt blasted the city's debt adjustment plan filed in bankruptcy court Friday, joining a chorus of criticisms from the municipal bond market.

Detroit filed a proposed plan of adjustment that lays out how the city hopes the bankruptcy court will treat its $18 billion of debt, including major cuts to bondholders.

Detroit's pension funds can file a direct appeal of the federal bankruptcy court's decision that the city is eligible for Chapter 9, a process that will run parallel to the city's Chapter 9 case.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The federal bankruptcy judge overseeing Detroit's Chapter 9 case heard arguments Wednesday from bond insurers challenging the city's effort to treat its unlimited-tax general obligation bonds as unsecured.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

Detroit's Cobo Hall, the riverfront convention center that a few years ago struggled to survive, is now touting itself as a model of regional cooperation that the bankrupt city can replicate as it tries to rebuild itself after bankruptcy.

Detroit's attempt to invalidate $1.4 billion of pension certificates as part of its bankruptcy is unlikely to be copied by other certificate issuers, according to Moody's Investors Service.

Detroit is set to file a long-awaited plan to adjust its debt next week whether or not it has nailed down certain proposals, such as the lease of its water and sewer system.

Detroit wants to file a debt adjustment plan next week as the city and creditors meet for a fresh round of talks this week.

Detroit officially ended an interest-rate swap termination agreement with its counterparties Thursday, a move that the city says preserves its right to pursue legal action against the banks, but said talks with the banks continue.

Michigan officials agreed to step in to assist foundering negotiations between Detroit and neighboring counties over Detroit's water and sewer system considered key to the city's restructuring, Oakland County officials said.

Michigan Gov. Rick Snyder said it would be premature to assume that Detroit's bankruptcy will drive up borrowing costs across the state.