September 1, 2014 at 12:01 am

BANKRUPT DETROIT: Continuing coverage

  1. Detroit may sweeten bankruptcy deal with real estate to persuade creditor to settle

    Detroit City attorneys are in private talks this weekend about giving away some of its assets — including possibly Coleman A. Young Municipal Airport — to settle with a holdout creditor on the eve of a landmark bankruptcy trial, sources told The Detroit News on Friday.

    • 9:51 AM, Aug. 29, 2014
    • METRO AND STATE
    • Wayne County

    Judge rejects Detroit creditor's attack on mediators, may issue sanctions

    Judge Steven Rhodes tossed out a city bond insurer's blistering 'personal attack' on Detroit's chief bankruptcy mediator and ordered the creditor's attorneys to prove why they shouldn't face professional sanctions.

    • 8:32 PM, Aug. 28, 2014
    • METRO AND STATE
    • Wayne County

    Detroit secures up to $275M in financing from Barclays

    The city has secured up to $275 million in financing — money that will help bankroll Detroit's restructuring and pay off debts if the city successfully emerges from bankruptcy court.

    • 10:22 PM, Aug. 27, 2014
    • BUSINESS

    $4 billion loan no grand bargain for Detroit

    Detroit's holdout bond insurers, facing the prospect of meager returns in the city's historic bankruptcy case, are not going quietly.

    • 10:36 PM, Aug. 28, 2014
    • BUSINESS

    New bond issues signal a return of investor confidence in Detroit

    The news was bright Thursday on Detroit's ability to borrow money: The post-bankruptcy financial picture got a little brighter as the city finalized a deal to borrow $275 million in new bonds.

    • 4:38 PM, Aug. 27, 2014
    • METRO AND STATE
    • Wayne County

    Detroit offered $4B loan if it uses DIA art as collateral

    A New York-based lender is offering to loan Detroit as much as $4 billion if the city agrees to put up its art collection as collateral.

    • 3:07 PM, Aug. 26, 2014
    • METRO AND STATE
    • Wayne County

    Attorney: Alleged pension fund misdeeds should play no role in Detroit bankruptcy trial

    Alleged corruption and Detroit pension fund mismanagement that cost more than $1 billion is irrelevant and shouldn't factor into the city's bankruptcy trial next week, a lawyer argued Tuesday.

    • 11:57 AM, Aug. 26, 2014
    • METRO AND STATE
    • Wayne County

    Andy Dillon may get role in managing Detroit's retiree health care benefits

    After helping usher Detroit into bankruptcy court, former state Treasurer Andy Dillon might get a role in managing the city's retiree health care benefits after it emerges from Chapter 9.

    • 8:04 PM, Aug. 25, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy lawyer: Snycora engaging in 'sandbagging of an Olympic sort'

    Detroit — A holdout creditor is trying to blow up the grand bargain softening pension cuts and shielding Detroit's art collection from creditors by making a last-minute objection, the city's bankruptcy lawyer said Monday.

    • 10:34 PM, Aug. 22, 2014
    • METRO AND STATE
    • Wayne County

    Lawyer who worked with Coleman Young nominated for post with Detroit health care trust

    Detroit A politically connected lawyer and close associate of former Mayor Coleman Young will help manage a trust overseeing health care benefits for retired Detroit workers if a federal judge approves the city's debt-cutting plan.

    • 8:21 AM, Aug. 22, 2014
    • METRO AND STATE
    • Wayne County

    Orr increases funds for City Council

    Detroit Emergency Manager Kevyn Orr has increased funding this fiscal year for operation of Detroit City Council offices, allowing members to expand the size and pay of their staffs, even as their authority has been limited.

    • 10:25 PM, Aug. 21, 2014
    • METRO AND STATE
    • Wayne County

    Detroit's bond offer may not have hit mark

    Did Detroit's offer to refinance 318 different classes of water and sewer bonds fall short?

    • 5:35 PM, Aug. 21, 2014
    • METRO AND STATE
    • Wayne County

    Less than one-third of investors offer to redeem water, sewer bonds

    Slightly more than 28 percent of Detroit's water and sewer bonds were tendered by bondholders before Thursday's 5 p.m. deadline, according to the municipal bond tracking service bondcompro.com.

    • 4:39 PM, Aug. 21, 2014
    • METRO AND STATE
    • Wayne County

    Detroit, police union agree on new contract; members must vote

    Detroit — Detroit police officers will get a 15.5 percent wage increase over the next five years if they ratify a tentative contract the Detroit Police Officers Association has reached with the city.

    • 10:03 AM, Aug. 21, 2014
    • LIFESTYLE

    Grand bargain's a winner from a Northern Michigan perspective

    From high up the Michigan map, Paul Beachnau has an interesting perspective on the grand bargain. He likes it. From high up the Marriott Hotel at the RenCen a ...

    • 10:47 AM, Aug. 19, 2014
    • METRO AND STATE
    • Wayne County

    City lawyers accuse bond insurer of 'distortions,' 'half-truths' in Detroit's bankruptcy case

    A bond insurer on the hook for hundreds of millions of dollars in Detroit's bankruptcy is desperate, underhanded and should apologize for accusing mediators of ...

  2. Detroit, suburbs near deal on regional water authority

    Perhaps the most vexing piece of Detroit's financial recovery puzzle is about to fall in place. The suburbs and city are finalizing a deal to turn over ...

    • 12:24 PM, Aug. 18, 2014
    • METRO AND STATE
    • Wayne County

    Detroit restructuring plan will add jobs in city, tax expert testifies

    Detroit — The city's restructuring plan would boost employment in Detroit and lead to growth in taxable income, a forecaster said Monday, marking the start of ...

  3. Column: Syncora stinking up bankruptcy

    Whether Detroit's bankruptcy ends in a neatly wrapped package or drags into a long and expensive court fight depends on how the poker game plays out over the ...

    • 3:22 PM, Aug. 15, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy expert bills city more than $300,000 for services

    A court-appointed bankruptcy expert filed a new invoice today, charging the city nearly $313,000 in professional service fees for her firm's efforts to ...

    • 6:55 PM, Aug. 13, 2014
    • METRO AND STATE
    • Wayne County

    Judge delays Detroit bankruptcy trial until Aug. 29

    Detroit Citing 'extraordinary cause,' U.S. Bankruptcy Judge Steven Rhodes has delayed the city's bankruptcy trial until the end of August.

    • 6:11 PM, Aug. 13, 2014
    • METRO AND STATE
    • Wayne County

    Detroit retirees, workers blast water department bond restructuring

    Detroit — Some city retirees and workers are calling for the cancellation of a planned $5.2 billion bond restructuring for the water department and vowed to continue ...

    • 10:26 PM, Aug. 12, 2014
    • METRO AND STATE
    • Wayne County

    Judge weighs delay in Detroit bankruptcy trial, deadline for union contracts

    U.S. Bankruptcy Judge Steven Rhodes on Tuesday was weighing whether to further delay Detroit's bankruptcy trial and impose a deadline for two public safety ...

    • 8:14 AM, Aug. 8, 2014
    • BUSINESS

    Duggan's water plan taps need for change

    Let's get something straight: a water department that spent way too many years giving way too many Detroiters a pass for not paying their bills is a management ...

    • 1:54 PM, Aug. 7, 2014
    • METRO AND STATE
    • Wayne County

    Detroit announces $5B water debt plan to free up cash for bankruptcy

    The city's water department approved a plan to refinance almost $5.2 billion in debt, a move that could free up cash for Detroit's restructuring and ...

    • 4:47 PM, Aug. 6, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy judge: No more delays for debt-cutting trial

    Detroit — The city's bankruptcy judge Wednesday refused to delay an Aug. 21 trial that will determine the feasibility of Detroit's debt-cutting plan.

    • 11:46 PM, Aug. 5, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy judge seeks to shorten trial over Detroit debts

    Detroit — The city's bankruptcy judge wants to know Wednesday how much time Detroit's legal team and holdout creditors need to argue during this month's trial ...

    • 11:56 PM, Aug. 5, 2014
    • METRO AND STATE
    • Wayne County

    Orr to move forward with parking plan, bypass City Council

    Detroit — Emergency Manager Kevyn Orr is bypassing the Detroit City Council and proceeding with plans to solicit bids from companies interested in running or buying ...

  4. Detroit's Duggan extends influence by endorsing candidates ahead of primary

    Mayor Mike Duggan is seeking to expand his political influence by making endorsements in Tuesday's Democratic primaries covering races throughout the region.

    • 9:44 PM, Aug. 1, 2014
    • METRO AND STATE
    • Wayne County

    Groups keep pressure on Detroit over water shut-offs as moratorium's end nears

    Detroit City officials are continuing to compose a plan to deal with delinquent customers as the moratorium on Detroit water shut-offs approaches its end at midnight ...

    • 2:30 PM, Aug. 1, 2014
    • METRO AND STATE
    • Wayne County

    Appeals court freezes Detroit bankruptcy appeals

    At the request of Detroit's creditors, the Sixth Circuit Court of Appeals on Friday froze pending appeals related to the city's eligibility for bankruptcy and ...

    • 11:23 PM, Jul. 31, 2014
    • BUSINESS

    Detroit narratives don't tell real story

    A Michigan-born friend who lives in New York City now loves to remind me that few cities fascinate the Big Apple and its media more than Detroit, especially ...

    • 7:34 PM, Jul. 31, 2014
    • METRO AND STATE
    • Wayne County

    Creditor groups ask federal court to delay action on Detroit bankruptcy appeals

    Five major Detroit creditor groups representing pensioners joined the city and State of Michigan on Thursday in asking a federal court to delay action on ...

    • 11:41 PM, Jul. 30, 2014
    • METRO AND STATE
    • Wayne County

    Appeals court wary of Syncora bid to block Detroit casino cash

    Cincinnati A panel of federal appeals court judges Wednesday had some criticism for a bond insurer's bid to block Detroit from accessing casino revenue, with one judge ...

    • 10:48 AM, Jul. 30, 2014
    • METRO AND STATE
    • Wayne County

    Detroit drops proposal for bankruptcy 'plan monitor'

    The city dropped plans late Tuesday to install a court-appointed official to oversee compliance with Emergency Manager Kevyn Orr's plan to shed more than $7 ...

    • 4:37 PM, Jul. 29, 2014
    • METRO AND STATE
    • Wayne County

    Detroit City Council rejects Orr request for bids on parking department

    The City Council on Tuesday turned down a request from Emergency Manager Kevyn Orr to solicit proposals from bidders interested in running or buying Detroit's ...

    • 11:57 PM, Jul. 29, 2014
    • METRO AND STATE
    • Wayne County

    Judge sets Thursday deadline for bankruptcy eligibility challenges

    A federal appeals court judge late Tuesday challenged creditors to decide within 48 hours if they'll continue to contest Detroit's eligibility for bankruptcy ...

    • 9:06 PM, Jul. 29, 2014
    • METRO AND STATE
    • Wayne County

    Trial on Detroit debt-cutting plan delayed by another week

    U.S. Bankruptcy Judge Steven Rhodes on Tuesday delayed by another week the trial over Detroit's debt-cutting bankruptcy exit plan.

    • 8:35 PM, Jul. 27, 2014
    • METRO AND STATE
    • Wayne County

    Report for Detroit creditor nearly doubles value of DIA collection at $8.5B

    Detroit A new report analyzing the collection at the Detroit Institute of Arts almost doubles previous estimates of what the works are worth, putting their value at $8. ...

    • 11:15 PM, Jul. 25, 2014
    • METRO AND STATE
    • Wayne County

    Revised Detroit debt plan calls for 'plan monitor' with subpoena power

    Detroit could be under prolonged and apparently unprecedented court oversight if the city successfully emerges from bankruptcy court this fall, according to a ...

    • 11:57 PM, Jul. 25, 2014
    • METRO AND STATE
    • Wayne County

    Moody's: Troubled Michigan cities may follow Detroit Chapter 9 plan

    Moody's Investors Service says a successful resolution of Detroit's Chapter 9 bankruptcy restructuring may prompt other financially troubled Michigan cities to ...

    • 7:15 PM, Jul. 24, 2014
    • METRO AND STATE
    • Wayne County

    Water shut-off foes deliver petitions — and water — for Detroit

    Opponents of the water department's controversial shut-off campaign over unpaid bills rallied Thursday outside City Hall, delivering petition signatures and ...

    • 4:04 PM, Jul. 24, 2014
    • METRO AND STATE
    • Wayne County

    Detroit's 313th birthday party takes flight (sort of) in Campus Martius

    Detroit The 313 butterflies were released from envelopes at noon Thursday at a celebration downtown, a symbol of the city rising on its 313th birthday and bringing in ...

    • 2:57 PM, Jul. 24, 2014
    • METRO AND STATE
    • Wayne County

    PETA will pay water bills for 10 Detroiters willing to go vegan

    An animal rights group is offering to pay outstanding water bills for 10 Detroit residents on the condition they become vegan for one month.

    • 5:09 PM, Jul. 23, 2014
    • METRO AND STATE
    • Wayne County

    NAACP denounces water shut-offs nationwide, cites Detroit controversy

    The National Association for the Advancement of Colored People passed a resolution Tuesday during its national convention denouncing public utility shut-offs ...

    • 11:30 PM, Jul. 22, 2014
    • METRO AND STATE
    • Wayne County

    Bond insurers grow 'more isolated' in opposition to Detroit's 'grand bargain'

    Detroit — Bond insurers say they'll continue fighting the city's plan to dump $7 billion in debt and favor pensioners over financial creditors, but chances are they'll ...

    • 7:40 PM, Jul. 21, 2014
    • METRO AND STATE
    • Wayne County

    Water department: Detroit shut-offs just on pause

    The department is facing criticism worldwide for mass shutoffs that have turned off water to 15,200 customers since March, but department spokesman Bill ...

    • 10:49 AM, Jul. 22, 2014
    • METRO AND STATE
    • Wayne County

    Detroit's debt-cutting plan gets big but not complete support

    Retired and current workers have officially approved modest reductions in their pensions — a feat that seemed inconceivable a year ago when Detroit took ...

    • 10:16 AM, Jul. 21, 2014
    • METRO AND STATE
    • Wayne County

    Detroit residents sue to stop water shut-offs

    A group of Detroit residents has sued the city in U.S. Bankruptcy Court claiming a shutdown of water services to about 30,000 low-income households violates ...

    • 9:44 AM, Jul. 19, 2014
    • METRO AND STATE
    • Wayne County

    Trading gavel for guitar, Detroit bankruptcy judge Rhodes doesn't miss a beat

    Detroit The 29-song setlist is packed with tunes to go broke to. There's 'Gimme Some Lovin'' for impaired creditors and 'Keep Your Hands to Yourself,' for secured ...

    • 9:17 PM, Jul. 18, 2014
    • METRO AND STATE
    • Wayne County

    Creditor again asks judge to delay Detroit bankruptcy trial

    Detroit A holdout creditor asked Detroit's bankruptcy judge late Friday to delay a trial over the city's plan to cut $7 billion in debt until late September.

    • 10:12 AM, Jul. 18, 2014
    • METRO AND STATE
    • Wayne County

    Detroit services improving, but neighborhoods slow to see change

    City services are starting to improve one year after Detroit filed the nation's largest municipal bankruptcy. But residents and city officials agree ...

    • 5:48 PM, Jul. 17, 2014
    • METRO AND STATE
    • Wayne County

    Macomb drainage district seeks bigger claim in Detroit bankruptcy

    Detroit — The city's bankruptcy judge is expected to decide Monday on a Macomb County creditor's request to increase the value of its claim, a move that could ...

    • 8:24 AM, Jul. 17, 2014
    • BUSINESS

    First year of Detroit's bankruptcy could have been much worse

    There will be no celebrations at 4:06 p.m. Friday, only quiet acknowledgment that the largest municipal bankruptcy in American history is marking its first ...

    • 10:53 PM, Jul. 16, 2014
    • METRO AND STATE
    • Wayne County

    Firefighters union seeks to stop Detroit restructuring over bargaining rights

    Detroit The city's last remaining major labor union that hasn't reached a contract deal in bankruptcy was in court Wednesday arguing Detroit's changes to pensions for ...

    • 10:35 PM, Jul. 16, 2014
    • METRO AND STATE
    • Wayne County

    DIA secures 80% of its part of grand bargain

    The Detroit Institute of Arts announced Wednesday that it's secured commitments for 80 percent of the $100 million the museum is responsible for raising as ...

    • 6:22 PM, Jul. 15, 2014
    • METRO AND STATE
    • Wayne County

    Detroit residents plead with judge to keep pensions, benefits intact

    More than a dozen retirees and Detroit residents urged the city's bankruptcy judge Tuesday to spare pensions and health care benefits from being cut and one ...

    • 6:52 PM, Jul. 14, 2014
    • METRO AND STATE
    • Wayne County

    Detroit ordered to pay $10K for sharing confidential documents

    The bankrupt city was ordered Monday to pay $10,000 for inadvertently sharing confidential documents about closed-door negotiations among creditors.

    • 10:44 AM, Jul. 12, 2014
    • METRO AND STATE
    • Wayne County

    Sources: Detroit's debt-cutting plan headed for approval by retirees

    The city's $7 billion debt-cutting plan appeared to have the support of Detroit retirees on Friday after early returns showed pensioners favoring the proposal ...

    • 10:02 PM, Jul. 10, 2014
    • BUSINESS

    Targeting water scofflaws fair, long overdue

    How dare those people at the Detroit Water and Sewerage Department start running their shop according to general business principles, like asking past-due ...

    • 10:24 PM, Jul. 10, 2014
    • METRO AND STATE
    • Wayne County

    Detroit plans $7 billion debt cut in bankruptcy

    Detroit A consultant working on Detroit's restructuring will pocket a $28 million bonus if the city successfully emerges from the biggest municipal bankruptcy in U.S. ...

    • 6:33 PM, Jul. 10, 2014
    • METRO AND STATE
    • Wayne County

    8 arrested during protest over Detroit water shut-offs

    Detroit police arrested eight people Thursday for misdemeanor disorderly conduct as they protested against the city's water shut-off policy.

    • 10:05 PM, Jul. 9, 2014
    • BUSINESS

    New DIA art evaluation is unlikely to unravel 'grand bargain'

    The DIA is not home free. Not after a valuation of its prodigious collection concluded the museum’s 60,000-piece collection could be worth as much as $4.6B.

  5. Report: Total value of DIA art ranges from $1.1B to $4.6B

    A New York art investment firm brought in to appraise the full collection at the Detroit Institute of Arts puts its total value between $1.1 billion and $4.6 ...

    • 11:02 PM, Jul. 8, 2014
    • METRO AND STATE
    • Wayne County

    Detroit reaches key labor deal with police union amid bankruptcy

    The city reached an agreement late Tuesday with a key police union that could speed the city's exit from bankruptcy and shorten next month's trial over ...

    • 6:32 PM, Jul. 8, 2014
    • METRO AND STATE
    • Wayne County

    EM: Pay bump for non-union employees intended to restore earlier cuts

    Detroit — The city's emergency manager has authorized a pay raise beginning this month for non-union employees, including Mayor Mike Duggan and Detroit's City ...

    • 8:28 PM, Jul. 3, 2014
    • BUSINESS

    Detroit needs deal with creditors, not victory

    If the city's obvious pressure campaign doesn't produce the negotiated settlement its lawyers seek, they could find their client with a victory it does not ...

    • 9:05 PM, Jul. 3, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy hearing set as deadline for voting on pension, benefit cuts nears

    Detroit — Retirees and other creditors have until Friday to vote on proposed pension and benefit cuts that could help Detroit emerge from bankruptcy court and ...

    • 4:11 PM, Jul. 3, 2014
    • METRO AND STATE
    • Wayne County

    Lawyers subpoena bank involved in Kilpatrick pension deal

    The city's bankruptcy team demanded answers today about how a former Kwame Kilpatrick appointee who helped engineer an infamous $1.4 billion pension deal left ...

    • 4:52 PM, Jul. 2, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy lawyers probe award for Kilpatrick pension deal

    Detroit — The city's bankruptcy team wants to know how and why a prominent financial trade publication gave the city an award in 2005 for an infamous pension ...

    • 6:13 PM, Jul. 1, 2014
    • METRO AND STATE
    • Wayne County

    Michigan Chronicle publisher seeks to give building to Detroit pension fund

    Detroit — Detroit's largest African-American media company is seeking to hand over its headquarters building to a city pension fund to resolve a complicated ...

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