October 22, 2014 at 12:01 am

BANKRUPT DETROIT: Continuing coverage

    • 4:52 PM, Sep. 17, 2014
    • METRO AND STATE
    • Wayne County

    Live tweets: Obama official lauds retiree deal in Detroit bankruptcy trial

    The first witness Wednesday in the city's historic bankruptcy trial detailed a hard-fought agreement for Detroit's retirees that he acknowledged will be painful, but ultimately, appropriate for the good of revitalizing the city.

    • 10:44 PM, Sep. 16, 2014
    • METRO AND STATE
    • Wayne County

    Value of DIA art, pensions examined in Detroit bankruptcy court

    It was all about the method Tuesday in Detroit's historic municipal bankruptcy trial, as attorneys wrangled over specific methods used in calculating cuts to retiree pensions and the value of the city's artwork.

    • 6:02 PM, Sep. 16, 2014
    • METRO AND STATE
    • Wayne County

    Retired attorney tapped to serve on 'grand bargain' oversight board

    Gov. Rick Snyder on Tuesday appointed a retired bankruptcy attorney from Huntington Woods to serve on a state board that will oversee Michigan's $195 million taxpayer contribution to a fund to shore up Detroit's pensions.

    • 6:40 PM, Sep. 16, 2014
    • BUSINESS

    Reality saps drama out of Detroit bankruptcy

    A court-appointed financial expert asked to assess whether the city's restructuring plan is 'feasible' concluded Monday that it is, marking another critical turn in Detroit's effort to negotiate successfully the largest municipal bankruptcy in American history.

    • 10:45 AM, Sep. 15, 2014
    • METRO AND STATE
    • Wayne County

    Syncora, Detroit have 'laid down the swords' in bankruptcy battle

    More than a year of litigation between the city and its most aggressive creditor has come to a close with a comprehensive settlement, attorneys in the city's bankruptcy case said Monday.

    • 6:12 PM, Sep. 15, 2014
    • METRO AND STATE
    • Wayne County

    Detroit City Council approves $275M in bankruptcy exit financing

    Detroit The Detroit City Council unanimously approved a resolution Monday supporting the $275 million in financing the city needs when it exits bankruptcy.

    • 11:02 PM, Sep. 14, 2014
    • BUSINESS

    Creditor Syncora bets big on downtown Detroit's future

    Detroit The potential deal that could end Detroit's bankruptcy is a big sign that even a belligerent holdout creditor believes downtown's comeback is real, said players in the downtown development scene.

    • 8:32 AM, Sep. 15, 2014
    • METRO AND STATE
    • Wayne County

    Syncora reaches comprehensive deal in Detroit bankruptcy

    Bond insurer Syncora Guarantee Inc. reached a comprehensive deal Monday with Detroit following marathon weekend negotiations on the sidelines of the city's bankruptcy case.

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

    Settlement options shrink for Detroit creditor

    A holdout creditor on the hook for $1.1 billion in Detroit debt has missed the deadline to benefit from Emergency Manager Kevyn Orr's powers to bypass the City Council to secure a real estate payoff.

  1. Great Lakes Water Authority getting cool reception from Macomb County

    Officials from Wayne and Oakland counties expressed confidence their commissioners will vote to approve membership in a new regional water authority, but one Macomb official declined to commit Thursday, saying the plan is being viewed with 'suspicion.'

    • 8:10 AM, Sep. 11, 2014
    • BUSINESS

    Bankruptcy cleared way for change

    The road blocks are disappearing. In the space of one long work day, the city and its bankruptcy lawyers reached two key agreements that should speed the conclusion of the largest municipal bankruptcy in American history and share the costs of running Detroit once it emerges from Chapter 9.

    • 5:02 PM, Sep. 10, 2014
    • METRO AND STATE
    • Wayne County

    County commissioners cautiously optimistic about new water authority

    Detroit A regional water authority proposed Tuesday by Detroit Mayor Mike Duggan and leaders from Wayne, Oakland and Macomb appears to be headed for approval by all three counties.

    • 11:06 PM, Sep. 10, 2014
    • METRO AND STATE
    • Wayne County

    Rest of Detroit's creditors feeling heat

    Federal mediators will try to broker a series of deals Thursday that could piggyback on a breakthrough settlement in hopes of ending the city's bankruptcy case.

    • 7:09 AM, Sep. 10, 2014
    • METRO AND STATE
    • Wayne County

    Holdout creditor Syncora to get millions in Detroit bankruptcy deal

    The city reached a last-minute deal with its fiercest holdout creditor late Tuesday to give the firm millions, control of a city parking garage and a 20-year lease extension of the Detroit-Windsor Tunnel — a deal that could speed the end the Detroit bankruptcy.

    • 10:52 AM, Sep. 9, 2014
    • BUSINESS

    Land deal with Detroit creditor may have merit

    A deal between Detroit and a holdout creditor to convey city property to settle Syncora Guarantee Inc.'s bankruptcy claim wouldn't come without strings — if it ...

    • 11:13 PM, Sep. 9, 2014
    • METRO AND STATE
    • Wayne County

    Detroit fire commissioner says $157M will help update aging equipment

    Detroit The city's plan to spend $157 million updating Detroit's fire department is not enough but will help replace aging equipment and outdated facilities, the ...

    • 8:06 PM, Sep. 8, 2014
    • METRO AND STATE
    • Wayne County

    Detroit official says IT systems 'beyond fundamentally broken'

    The city's new chief information officer admitted today during the city's bankruptcy trial she initially refused twice to take the job revamping the city's ...

    • 10:29 AM, Sep. 8, 2014
    • METRO AND STATE
    • Wayne County

    Detroit raises safety in residential razings

    Detroit's strategy that urges residents to keep watch and hold contractors accountable is praised as a model for other cities by federal environmental ...

    • 7:49 PM, Sep. 5, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy testimony: Detroit's fire alert method is pop can falling off printer

    The city's fire department has its bells and whistles, but they are not to be confused with anything state-of-the-art.

    • 10:53 PM, Sep. 4, 2014
    • METRO AND STATE
    • Wayne County

    Creditor wants land, $200M stake in tunnel from Detroit

    A holdout creditor fighting Detroit's debt-cutting plan wants the city to pay more than $200 million cash and hand over riverfront property along with a stake ...

    • 2:38 PM, Sep. 5, 2014
    • METRO AND STATE
    • Wayne County

    Investors enthusiastic over new Detroit water bonds

    Detroit closed the sale of about $1.79 billion in new bonds for the water and sewer department Thursday, and offers for the new bonds flowed, well, like water.

    • 6:50 PM, Sep. 4, 2014
    • METRO AND STATE
    • Wayne County

    City budget depends on revenues and future 'adjustments,' Detroit CFO testifies

    The city's chief financial officer gave a tepid endorsement of Detroit's debt-cutting plan as the bankruptcy trial moved into a new phase early Thursday.

    • 11:37 PM, Sep. 3, 2014
    • METRO AND STATE
    • Wayne County

    Creditor takes Detroit to task for debt plan

    Detroit The second day of Detroit's bankruptcy trial featured rival views of a controversial plan to shield the city's art collection and soften pension cuts.

    • 6:51 AM, Sep. 3, 2014
    • METRO AND STATE
    • Wayne County

    Detroit paints dire picture in bankruptcy trial

    Detroit will die if the city's debts are not slashed and money freed up to invest in public safety and other services, the city's bankruptcy lawyer said during ...

  2. Expected witnesses in Detroit's bankruptcy trial

    Here is the list of 'will call' witnesses lawyers are expected to testify in the bankruptcy trial that begins Tuesday.

    • 11:20 PM, Sep. 1, 2014
    • METRO AND STATE
    • Wayne County

    Pivotal trial to begin for Detroit's bankruptcy

    The legality of Detroit's 'grand bargain' — the linchpin of the city's plan to dump $7 billion in debt in bankruptcy court — will be put to the test in a long- ...

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

    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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

    • 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 ...

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