Detroit bankruptcy

9:29 pm
Wed December 4, 2013

Rating agency doesn't expect flood of municipal bankruptcies

Lead in text: 
Fitch says Detroit's problems are unique
Washington A major ratings agency said Wednesday it doesn't believe a judge's decision to declare Detroit pensions a target for cuts in bankruptcy restructuring will open the floodgates to more Chapter 9 filings in Michigan.
8:18 pm
Tue December 3, 2013

Unions, retirees plan for appeal of Detroit bankruptcy ruling

Lead in text: 
Bankruptcy judge Steven Rhodes ruled Tuesday that Detroit's bankruptcy process can proceed
While activists who fear cuts to retiree pensions protested outside the courthouse, U.S. Bankruptcy Judge Steven Rhodes on Tuesday found Detroit eligible for bankruptcy and gave the city the go-ahead to pursue adjustments to retirement benefits as part of its restructuring plan, despite pensions being explicitly protected by the state constitution.
1:15 pm
Tue December 3, 2013

Judge rules Detroit eligible for bankruptcy

Lead in text: 
Ruling could clear way for cuts in pensions
The city of Detroit today officially became the largest municipality in U.S. history to enter Chapter 9 bankruptcy after U.S. Bankruptcy Judge Steven Rhodes declared it met the specific legal criteria required to receive protection from its creditors.
Legacy costs
11:51 am
Tue December 3, 2013

WestSouthwest: Bridge Magazine looks at "Michigan's Broken Legacy"

Portage is one of the few cities in the state with no unfunded retiree pension or health care liabilities - file photo
Credit WMUK

WestSouthwest with Bridge Magazine Contributor Ted Roelofs

Unfunded debt to pay for pensions and retiree health care costs is one of the major contributors to Detroit's bankruptcy filing. Other cities in Michigan could face similar problems. 

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6:37 am
Tue December 3, 2013

Detroit retirees await bankruptcy ruling

Lead in text: 
Unfunded retiree health care costs make up $5.7-billion of Detroit's $18.5-billion in long term debt
Brandon, Fla.- Bill Larsen used to walk Mack Avenue on midnight patrols. Now, he walks with a cane. Marv Kammer wore plain clothes for the Detroit Police Censor Bureau, ensuring burlesque dancers didn't go too far. Now, he wears a back brace. The retired Detroit police officers gather once a month in Florida to reminisce about the past.