Detroit bankruptcy

1:21 pm
Fri April 11, 2014

Judge Approves Settlement in Detroit Bankruptcy

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

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

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.
12:33 pm
Sun March 2, 2014

Difficult Decisions Lie Ahead for Detroit City Pensions

Emergency Manager Kevyn Orr's restructuring plan includes large cuts in pension payments for retired city workers
A national debate has emerged in recent years over how to shore up government pension funds while at the same time not burdening today's workers and citizens with paying too much for past promises. Nobody claims fixing the problem will be easy. And nobody claims that fixing the problem won't hurt.
6:44 pm
Sun February 23, 2014

State Funds for Detroit Artwork Likely to Include Strings

Governor Rick Snyder has said funding for Detroit Institute of Arts collection would be part of overall settlement
One of the key elements of the proposed plan of adjustment to resolve the Detroit bankruptcy, made public Friday, is the so-called grand bargain designed to protect Detroit pensioners and the artwork of the Detroit Institute of Arts.