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One week after its emergency from Chapter 9 bankruptcy, Moody's Investors Service has assigned Detroit an issuer credit rating that's deep in junk bond territory at the B3 level.
December 18 -
Detroit has just under two weeks to submit and disclose the final tab of its 17-month bankruptcy after attorneys and advisors agreed in mediation to reduce their fees.
December 15 -
Detroit issued $1.28 billion of new debt that its bond team says required novel financing structures to satisfy both Michigan municipal law and the strict confines of Chapter 9 creditor settlements.
December 11 -
The largest municipal bankruptcy in the U.S. formally ends at 12:01 a.m. Dec. 11, and Detroit will begin fresh with local control and $7 billion less debt.
December 10 -
Detroit emergency manager Kevyn Orr said he is leaving the city with a new budget that would have a $100 million surplus after two years.
December 5 -
Detroit emergency manager Kevyn Orr said he plans to resign from his position in the new few weeks and that he hopes the city will be allowed to formally exit bankruptcy by Christmas.
December 3 -
The state of Michigan may come to market in the next several weeks with a $450 million bond deal to finance a controversial new hockey stadium in Detroit.
November 20 -
The federal judge overseeing Detroit's bankruptcy has ordered mediation to resolve a dispute over the city's legal bills, which total $140 million and are climbing.
November 12 -
Michigan Gov. Rick Snyder has hired public finance veteran and former New York Lt. Gov. Richard Ravitch to act as senior financial advisor for a new financial review board that will oversee Detroit's finances as the city emerges from bankruptcy.
November 11 -
The outcome of Detroit's high-profile bankruptcy highlights the growing tension between pension obligations and bond debt for distressed governments while leaving a lack of legal clarity on the treatment of general obligation bonds.
November 10