Detroit News

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 …

Michigan Woman Charged In Fake Auto Insurance Policy Scheme

A 40-year-old woman has been arrested in the sale of more than 300 bogus auto insurance policies to Detroit, Mich.-area drivers. The Wayne County sheriff’s office says Timmica Morton was arraigned on charges that she used a computer to commit …

Auto Tire and Rim Thefts Increasing in Metro Detroit

Tire and rim thefts are increasing sharply in Detroit, Mich., according to Help Eliminate Auto Thefts (H.E.A.T.) and the American Car Rental Association (ACRA). H.E.A.T. is Michigan’s statewide auto theft prevention program that coordinates citizen action with law enforcement agencies …

Judge Blocks Lawsuits Challenging Detroit Bankruptcy

A federal judge has agreed with Detroit, Mich., and stopped any lawsuits challenging the city’s bankruptcy, declaring his courtroom the exclusive venue for legal action in the largest filing by a local government in U.S. history. The decision by U.S. …

Detroit Says It’s Settled with Some Creditors

Detroit has reached an “important settlement” with some creditors as it negotiates ways to get rid of billions of dollars of debt, according to court documents filed on July 15, though details of the agreement haven’t been released. The disclosure …

Insurer Backing Detroit Bonds Opposes City Plans

An insurance company that backs more than $170 million in Detroit bonds says it opposes a plan by the city’s state-appointed emergency manager to restructure the city’s finances. Ambac Assurance Corp. said in a statement issued on July 8 that …