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  • Michigan governor signs bill to aid Detroit bond sale Wednesday, 22 Apr 2015 | 4:23 PM ET

    April 22- Michigan Governor Rick Snyder on Wednesday signed into law a bill aimed at reducing interest rate costs for an upcoming Detroit bond sale. Detroit privately placed $275 million of variable-rate bonds with Barclays Capital to finance its Dec. 10 exit from the biggest-ever municipal bankruptcy. The move is expected to result in investment-grade...

  • Feb 12- The federal judge who oversaw Detroit's historic bankruptcy case ruled on Thursday that the nearly $178 million charged to the city by law firms and consultants for fees and expenses was reasonable. The biggest bill in the biggest-ever U.S. municipal bankruptcy came from law firm Jones Day, which had employed Kevyn Orr before he was tapped by Michigan...

  • Jan 16- Michigan's general fund revenue will drop by $325 million in the current fiscal year due to triggered corporate tax breaks, state officials said on Friday. A consensus revenue estimate reached by Michigan's treasurer, budget director and heads of the House and Senate fiscal agencies projected fiscal 2015 general fund revenue at $9.5 billion, which is...

  • WASHINGTON, Jan 13- Michigan Governor Rick Snyder appointed a new emergency manager to Detroit Public Schools on Tuesday, a fresh attempt at fixing budget problems that span nearly a decade. Darnell Earley, emergency manager of the nearby town of Flint since September 2013, immediately replaced Jack Martin, who has completed his 18- month tenure of managing the...

  • Jan 12- Michigan Governor Rick Snyder on Monday signed into law legislation that would raise about $1.3 billion a year to fix the state's deteriorating roads and bridges if voters agree. The amendment would also raise the sales tax by 1 percentage point to 7 percent, providing a $300 million annual revenue boost for schools and $94 million for local governments.

  • Dec 11- Law firms and consultants reached agreements with Detroit over fees they charged the city for work on its historic bankruptcy, federal court mediators said on Thursday. As of Oct. 24, fees and expenses totaled nearly $141 million, with law firm Jones Day submitting the biggest bill, totaling $52.3 million. Detroit Mayor Mike Duggan had raised the...

  • UPDATE 1-Detroit set to exit bankruptcy on Wednesday Tuesday, 9 Dec 2014 | 4:56 PM ET

    Dec 9- Detroit's odyssey through the biggest-ever U.S. municipal bankruptcy will end on Wednesday when the city's debt adjustment plan will take effect, Michigan Governor Rick Snyder's office said on Tuesday. In a letter, Snyder accepted Detroit Emergency Manager Kevyn Orr's declaration that the city's financial emergency is over and that it was time for his...

  • Nov 19- A federal judge on Wednesday allowed a lawsuit challenging the constitutionality of Michigan's emergency manager law to move forward on grounds that it might discriminate on the basis of race. The lawsuit contended that 52 percent of Michigan's black population resides in cities with a state-appointed emergency manager or some other form of state...

  • TIMELINE-A history of Detroit's fiscal problems Friday, 7 Nov 2014 | 6:02 PM ET

    Nov 7- A U.S. judge on Friday confirmed Detroit's plan to exit the largest-ever municipal bankruptcy. -Detroit's descent into fiscal insolvency can be traced back to the waning days of long-time Mayor Coleman Young's administration, when the city was already deep in debt and struggling with a budget deficit. Both Young and the Michigan state treasurer raised...

  • DETROIT, Nov 7- Detroit won U.S. Bankruptcy Court approval on Friday for a road map to end its fiscal free fall and revitalize a city sinking under a huge debt load and dysfunctional government. He acknowledged the anger the bankruptcy fueled among many Detroit residents and urged them to look forward. Once the proud symbol of U.S. industrial strength, Detroit fell...

  • In gubernatorial races, it's the economy, 'stupid' Tuesday, 24 Jun 2014 | 4:48 PM ET
    Scott Walker

    In 36 states electing governors, it's all about the economy. Governors seeking re-election promised to turn things around. Have they?

  • Save cities or let them go bankrupt? Tuesday, 29 Oct 2013 | 8:36 AM ET
    People, mostly union and retired city workers, protest in front of the U.S. Courthouse where Detroit's bankruptcy eligibility trial began this morning October 23, 2013 in Detroit.

    Some cities may need to be pushed into bankruptcy, while others may just need a healthy dose of private-sector medicine, said TransPro Consulting CEO Mark Aesch.

  • Detroit can't wait for federal cavalry, Orr says Sunday, 21 Jul 2013 | 4:31 PM ET
    The skyline of Detroit

    Detroit must dig itself out of the hole it created and cannot wait to see if the federal government will come to its rescue, the city's emergency manager said on Sunday.

  • Who's living large in Michigan? The governor. Thursday, 18 Jul 2013 | 1:57 PM ET

    Twenty-two U.S. governors make over $140,500 a year, and they've been investing in some impressive digs. Click ahead to take a peek at the homes of some top-paid governors.

  • Six Weeks Key to Deciding Detroit's Bankruptcy Fate Sunday, 19 May 2013 | 5:24 PM ET

    There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.

  • Michigan Lottery Winners Still Cash in on Welfare Wednesday, 17 Apr 2013 | 10:30 AM ET
    Goodwill had warned of "catastrophic" consequences on the secondary market.

    In Michigan, more than 3,500 lottery winners are also on public assistance, drawing attention to waste in a state still reeling from the nation's economic downturn.

  • S&P Gives Detroit Takeover the Thumbs Up Friday, 15 Mar 2013 | 5:15 PM ET
    Michigan Governor Rick Snyder and Detroit Mayor Dave Bing

    Standard & Poor's on Friday showed its support for Michigan's takeover of Detroit by upgrading the city's credit rating to "stable" from "negative."

  • Bankruptcy Lawyer Tapped to Run Detroit Thursday, 14 Mar 2013 | 4:05 PM ET
    Kevyn Orr

    Bankruptcy lawyer Kevyn Orr was named Detroit's emergency financial manager.

  • Auto Bankruptcy Lawyer Next Detroit Manager: Source Tuesday, 12 Mar 2013 | 4:34 PM ET
    Michigan Governor Rick Snyder and Detroit Mayor Dave Bing

    Kevyn Orr, the attorney who managed Chrysler's 2009 bankruptcy, is reportedly Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager.

  • Stuck in Reverse, Detroit Edges Closer to Bankruptcy Tuesday, 29 Jan 2013 | 1:58 AM ET
    Bentley GT Speed Convertible

    At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.