Detroit bankruptcy

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.
9:40 pm
Tue April 15, 2014

Deal Reached on Detroit Pensions

Lead in text: 
Agreement is part of larger deal to get city out of bankruptcy
Sterling Heights Retired Detroit police and firefighters would get no cut in their pension and a smaller annual cost-of-living increase under a new deal their retiree association approved Tuesday. The Retired Detroit Police and Fire Fighters Associations board voted unanimously Tuesday to support the citys latest offer to settle their claim in the bankruptcy, association president Donald Taylor said.
1:21 pm
Fri April 11, 2014

Judge Approves Settlement in Detroit Bankruptcy

Lead in text: 
Judge Steven Rhodes parties for public negotiations
Judge Steven Rhodes today approved a settlement between Detroit and two global banks over a disastrous financial bet engineered by Mayor Kwame Kilpatrick's administration. Rhodes - who had rejected two previous settlements as too generous for UBS and Bank of America - ruled that the city can pay $85 million to eliminate the disastrous pension debt interest-rate transaction known as "swaps."
2:04 pm
Thu April 3, 2014

Emergency Manager Says he Wants Detroit Bankruptcy Settled by October 15th

Lead in text: 
Orr's time as Detroit's Emergency Manager could end weeks before that date
Detroit — Emergency Manager Kevyn Orr testified Thursday during a court hearing that he wants to get Michigan’s largest city out of bankruptcy court by Oct. 15.Orr, who has not previously set a target date for exiting bankruptcy, made the comment during testimony on his third attempt to settle a troubled pension-related debt.
12:41 pm
Tue March 4, 2014

Cost of Living Increases Are Possible Sticking Point in Negotiations over Detroit Pensions

Lead in text: 
Detroit Emergency Manager Kevynn Orr is hoping for a quick settlement with retired city workers
A proposed freeze in cost-of-living increases is emerging as a major sticking point, as city retirees resume negotiations with Detroit today for the first time since it released its debt-cutting plan last month.

Pages