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Detroit officials regained control of most government functions, while remaining under state-controlled emergency management, after the city council late Thursday adopted a resolution that keeps Kevyn Orr on as manager with reduced powers until the bankruptcy is over.
September 25 -
A Michigan board Wednesday voted to approve two emergency loans to cash-strapped Detroit suburbs, which are under state control, that will be used for pension payments.
September 24 -
Detroit officials could announce the future of emergency manager Kevyn Orr's role in the bankrupt city after his term ends Sept. 27. Some city council members reportedly favor a limited role to oversee the final weeks of the bankruptcy.
September 23 -
Bond insurer Financial Guaranty Insurance Co., standing alone as the last major creditor holding out in the Detroit bankruptcy, challenged the city's recent settlement with fellow insurer Syncora Guarantee Inc.
September 22 -
The Detroit City Council Friday approved a new regional water authority to take over the bulk of the Detroit Water and Sewer Department and also gave the green light to the city's bankruptcy settlement with bond insurer Syncora Guarantee Inc.
September 19 -
Any sale of the art in the Detroit Institute of Arts would make the DIA "persona non grata in the museum world," a museum official and an art finance consultant testified at a trial on the city's bankruptcy exit plan.
September 18 -
The Michigan Strategic Fund approved the issuance of $450 million of 30-year bonds to finance a new hockey stadium near downtown Detroit, a transaction that will feature a mix of tax-exempt and taxable debt, a mandatory tender and interest-rate swaps.
September 17 -
The two counterparty banks on Detroit's interest-rate swaps no longer need to drop their claims against Syncora Guarantee Inc. after Syncora agreed to modify its settlement with the city.
September 16 -
Detroit and Syncora Guarantee Inc. said Monday they've reached a final settlement that is expected to accelerate the city's exit from the largest municipal bankruptcy in the U.S.
September 15 -
Bond insurer Financial Guaranty Insurance Co. asked the federal court to delay the Detroit bankruptcy trial for at least a week to give it time to prepare new legal strategy in light of the city's proposed settlement with Syncora Guarantee Inc.
September 15