Detroit bankruptcy

7:29 am
Wed May 14, 2014

Detroit Emergency Manager Says State Money Needed for "Grand Bargain"

Lead in text: 
Local and national foundations have agreed to contribute $366-million if settlement is reached
Detroit emergency manager Kevyn Orr on Tuesday pleaded with Lansing lawmakers to kick in $195 million in upfront cash as part of a 'Grand Bargain' to help resolve the city's historic Chapter 9 bankruptcy - while some of city's largest creditors devised strategies to block the fund meant to shore up pensions and protect DIA art from being sold to pay off debt.
6:16 am
Tue May 13, 2014

Detroit Emergency Manager to Address Legislature

Lead in text: 
Legislation to help city settle bankruptcy is on fast track
LANSING - Detroit emergency manager Kevyn Orr will formally address the Michigan Legislature today as lawmakers prepare to decide whether to help the city settle its historic bankruptcy with an infusion of $194.8 million in cash and 11 bills that would allow for the contribution.
8:23 am
Fri April 25, 2014

Bolger Wants Contribution From Unions for Detroit "Grand Bargain"

Lead in text: 
In interview, House Speaker from Marshall says other parties are at table, unions need to be there too
Dome: "Where did the idea of Unions contributing to the pension bailout come from?"Speaker Bolger: "Last week I restated my longstanding request that the unions join us at the table to help resolve the bankruptcy in Detroit. I am limited somewhat by what I can talk about from private conversations.
11:44 am
Mon April 21, 2014

Treasury Secretary to Visit Detroit

Lead in text: 
Jack Lew oversaw the federal government's exit from General Motors last year
U.S. Treasury Secretary Jacob Lew will make a two-day trip to Detroit this week, the latest high-profile visit by the Obama administration to the Motor City working to exit bankruptcy. It comes as Treasury officials have been in talks with the city of Detroit about redirecting some foreclosure relief funds for blight removal a move that could indirectly soften the blow of pension cuts and other financial issues.
5:12 pm
Wed April 16, 2014

Detroit Pension Board Approves Retirement Benefits Cuts

Lead in text: 
The Retirement System approved the proposal unanimously, but the process isn't done yet.
A Detroit pension board could vote this afternoon on a deal that would cut pension checks for non-uniformed city workers and retirees by 4.5% and eliminate cost-of-living adjustment increases to retirement benefits. But even if trustees for the city's General Retirement System accept the deal today, the cuts still would have to be approved by the pension fund's nearly 18,000 individual retirees and workers.