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Moody's Investors Service dropped its rating on Detroit's $1.5 billion of certificates of participation to C from Ca, saying proposed settlements with insurers mean recoveries well below the Ca category.
October 21 -
A Michigan authority created to oversee the disbursement of nearly $200 million of state aid to bankrupt Detroit held its first meeting in Lansing last week.
October 20 -
U.S. Bankruptcy Judge Steven Rhodes is set to rule on Detroit's bankruptcy late in the first week of November, likely putting it past the state's gubernatorial election.
October 20 -
The board of Wayne County, Mich. has rejected a plan to move a half-built abandoned jail site in downtown Detroit, making it more likely the county will restart the controversial, bond-financed project.
October 17 -
Detroit's convention center is hitting the market Wednesday with $300 million of bonds that marks its first public offering since it was taken over by a regional authority in 2009.
October 17 -
Detroit reached a settlement with FGIC, the last major holdout creditor in its bankruptcy case, that gives the bond insurer a mix of cash and prime downtown Detroit land to build a new hotel and condominiums.
October 16 -
Detroit Mayor Mike Duggan hired former New York City budget director Carol O'Cleireacain as a deputy mayor. She will find new revenue, work on the city's emergence from bankruptcy and on the restructuring of its massive water and sewer department.
October 16 -
Officials in Wayne County, Mich., are contemplating the fate of a half-built, bond-financed jail in downtown Detroit that has been abandoned for more than a year amid major cost overruns and an FBI investigation.
October 15 -
Attorneys for bankrupt Detroit and bond insurer Financial Guaranty Insurance Co. said in court that they plan to finalize an agreement by Thursday, a move that would mean the city would have support from all major creditors for its bankruptcy exit plan.
October 14 -
The new regional authority taking over Detroit's Water and Sewerage Department should be a positive for holders of existing DWSD debt, Moody's Investors Service said Friday.
October 10