Detroit News

Bankrupt Detroit, Bond Insurer Reach Agreement

Detroit and Syncora Guarantee Inc. reached an agreement in their dispute over claims in the city’s $7 billion debt-reduction program that the two sides said may “profoundly alter” the city’s bankruptcy-exit plan. Detroit and Syncora today requested the postponement of …

Parker Joins Berkley Fire and Marine Underwriters in Detroit

Chicago, Ill.-based Berkley Fire and Marine Underwriters hired Jaymee Parker as a territory underwriting manager. She is based in Detroit, Mich. Parker will be responsible for agency relationships and underwriting growth for Michigan. Parker most recently served as a territorial …

Post-Floods, Detroit Residents Shop for Appliances, Supplies

Detroit-area residents are shopping for appliances and home-repair supplies in droves after recent flooding damaged houses and the property inside. The Detroit News reports thousands of shoppers visited big-box appliance stores and local retailers over the weekend to purchase everything …

40% of Properties Flooded in Detroit Suburb; Governor Declares Disaster

Officials in the Detroit suburb of Dearborn say about 40 percent of homes and commercial properties in the city were flooded or had sewer backups in their basements when heavy rain hit the area on Aug. 11. The National Weather Service …

Severe Floods Overwhelm Detroit Area; Slow Vehicle Production

A woman died when her vehicle became stranded in 3 feet of water in suburban Detroit, after heavy rain across southeastern Michigan left many roads impassable. Fearing more motorists could become stranded a day after a storm dumped more than …

Detroit Bankruptcy Judge Rejects Insurer Requests

Detroit overcame efforts by bond insurers that might have slowed its plan to exit bankruptcy before the end of the year, while the judge on the case said he was open to taking a bus tour to see what shape …

Bond Insurer Syncora Fighting City’s Plans in Detroit Bankruptcy

Bond insurer Syncora Guarantee Inc has emerged as Detroit, Mich.’s chief nemesis in the city’s historic bankruptcy case and is fighting as if its financial life depends on a decent recovery on its $400 million exposure to the city. Since …

Stockton Bankruptcy Exit Trial Starts Today

The bankrupt city of Stockton, California, will face off against a holdout creditor this week in a closely watched municipal bankruptcy case pitting the rights of impaired bondholders against retirees and other creditors. At issue is whether the northern California …

Segal Group Acquires Employee Benefits Firm Moroni Fantin in Michigan

The Segal Group announced it has acquired a portion of the business of Moroni Fantin, an employee benefits consulting firm located in the Detroit, Mich.-area. Moroni Fantin specializes in working with Michigan and national, mid-market, self-insured health plans. Robert D. …

As Bond Insurers Drop Objections, Detroit Bankruptcy Progresses

Detroit’s path through bankruptcy began to take shape on Dec. 17, with a second bond insurance firm ready to drop its objections to a controversial city financing plan, joining another bond insurer, bondholders and a committee of retired city workers …