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Detroit's voluntary tender program of its water and sewer revenue bonds may have provide an "optimal solution" for the market but it still represents a default, Municipal Market Advisors said Monday.
August 25 -
Detroit will refinance a chunk of its water and sewer debt as part of a tender offer settlement with bondholders.
August 22 -
Fitch Ratings said Detroit's offer to holders of $5.2 billion of water and sewer bonds to tender their debt as part of a bankruptcy settlement does not constitute a distressed debt exchange, an analysis that could bode well for ratings the planned refinancing of the debt.
August 21 -
Detroit has asked the federal judge in charge of its Chapter 9 to consider forcing bond insurer Syncora Guarantee to issue an apology for suggesting that federal mediators have tainted the bankruptcy process.
August 20 -
Detroit Public Schools will move forward with a plan to issue $111 million of state aid notes as well as an updated deficit elimination plan that calls for 10% pay cuts and the closure of up to 24 schools.
August 20 -
Bond insurer Syncora Guarantee challenged Detroit's settlement with its unlimited-tax general obligation bondholders in court Tuesday, arguing that it means Detroiters will continue to pay taxes on a levy that they did not approve on the original ballot.
August 19 -
As Detroit gears up for a key trial on its bankruptcy exit plan next week, a long-simmering dispute over $1.4 billion of certificates of participation is just starting to heat up.
August 19 -
The Detroit City Council has approved a series of four bond issues that include nearly $1 billion of new limited-tax GO bonds to help finance unsecured creditor settlements as part of its bankruptcy plan.
August 15 -
Detroit Bankruptcy Judge Steven Rhodes pushed back the start date of a trial on the city's confirmation plan by eight days to Aug. 29, noting that the city's plan to reach a settlement with its water and sewer bondholders will likely result in a newly amended confirmation plan.
August 14 -
Detroit asked the bankruptcy court to approve financing deals that would allow it to refinance up to $5.5 billion of water and sewer debt, providing the first glimpse of settlement details with the bondholders in the court request.
August 13