Detroit bankruptcy

12:46 pm
Fri February 21, 2014

Detroit Files Plan to Exit Bankruptcy

10 year plan would offer city's creditors 20% of what they're owed
The office of Detroit's state-appointed emergency manager Kevyn Orr says the blueprint for the city's restructuring through and after bankruptcy is expected to be filed Friday in federal court.
2:53 pm
Tue February 11, 2014

White House nixed Detroit bailout as "not viable"

An official says the administration didn't have tools available to help the city get out of bankruptcy and that it was unlikely that Congress would approve any proposal to provide them.
Washington The White House ruled out a bailout for bankrupt Detroit because it wasn't politically possible, a senior Obama administration official said Tuesday. Gene Sperling, the director of the White House National Economic Council and the point person on the administration's efforts to help the struggling Motor City, told reporters Tuesday that it would have raised false hopes if the Obama administration had floated the idea of a bailout for Detroit.
6:27 am
Wed January 29, 2014

Kellogg Foundation adds $40-million to preserve DIA art and Detroit pensions

Battle Creek foundation joins nine others in pledging support to Detroit
With the gift, Kellogg joins joins nine other national and local foundations that previously seeded the fund with $330 million in pledges. It's all part of the so-called grand bargain to protect the Detroit Institute of Arts and city wokers' pensions from being affected by Detroit's bankruptcy.
7:23 am
Mon January 27, 2014

Snyder considers options to pay for assistance with DIA and Detroit pensions

Governor wants to use state aid to protect art and pensions during bankruptcy proceedings
Lansing Gov. Rick Snyders administration is considering whether to borrow $350 million to pump into Detroits pension funds or set aside $17.5 million in annual payments for the next 20 years from the states tobacco lawsuit settlement fund.
7:15 am
Thu January 23, 2014

Governor Snyder wants $350-million in state money to protect Detroit pensions, DIA artwork

Snyder and House Speaker Bolger say settlement will benefit entire state
LANSING, MI -- Michigan Gov. Rick Snyder, stressing the statewide importance of a strong Detroit, confirmed Wednesday a plan to bolster retiree pensions as part of a possible settlement to speed up the city's ongoing bankruptcy case.