April 24, 2014 at 1:00 am

BANKRUPT DETROIT: Continuing coverage

  1. Detroit plan to recoup $239M paid to annuity accounts threatens some pensions

    Nearly 4,800 retired Detroit workers facing baseline pension cuts of 4.5 percent could see their monthly retirement benefits dwindle even further — with a handful of pensions being wiped out altogether — under the city's latest debt-cutting plan.

    • 1:18 PM, Apr. 22, 2014
    • METRO AND STATE
    • Wayne County

    East Coast financial expert will assess Detroit debt-cutting plan

    The city's bankruptcy judge appointed an East Coast financial specialist today to evaluate the city's debt-cutting plan.

    • 11:46 PM, Apr. 18, 2014
    • METRO AND STATE
    • Wayne County

    Financial experts vie for chance to advise judge on Detroit bankruptcy

    Three financial experts interviewed by U.S. Bankruptcy Judge Steven Rhodes on Friday came schooled in different approaches but share one view: The city cannot borrow its way back to solvency.

    • 3:57 PM, Apr. 17, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy judge wants to hear from Duggan, council on debt-cutting plan

    It will be difficult for Detroit to prove it can implement a debt-cutting plan without support from Mayor Mike Duggan and City Council, the city's bankruptcy judge said today.

  2. Detroit suburbs ordered back to table for water authority talks

    As retirees appear to be putting down their legal swords, Detroit's final opponent in its bankruptcy reorganization may be its suburban neighbors who have resisted the city's plans for a cash-generating regional water authority.

    • 11:38 PM, Apr. 17, 2014
    • METRO AND STATE
    • Wayne County

    Rhodes to Duggan, Detroit council: Embrace bankruptcy plan

    An attorney for Detroit's largest labor union today questioned how retirees could vote to accept monthly pension cuts without a guarantee that the Michigan Legislature will approve funding to bolster city pensions.

    • 3:11 PM, Apr. 17, 2014
    • METRO AND STATE
    • Wayne County

    Police and fire pension board votes to approve bankruptcy deal

    The city's Police and Fire Retirement System today voted in support of a bankruptcy mediation settlement that would spare its members from pension cuts, but said it is not yet on board with other elements of the city's debt-cutting plan.

    • 8:25 AM, Apr. 17, 2014
    • METRO AND STATE
    • Wayne County

    Detroit's latest offer to retirees eases pensions cuts but raises health care fears

    The city's latest offer to retirees dramatically softens the blow to their monthly pensions, but creates a murky outlook for their greatly reduced future health insurance benefits.

    • 10:06 AM, Apr. 17, 2014
    • SCHOOLS

    Detroit recovery to be subject of Wayne State course

    Detroit — The ongoing efforts to turn around bankrupt Detroit will be the subject of a course starting this spring at Wayne State University.

    • 12:15 AM, Apr. 17, 2014
    • METRO AND STATE
    • Wayne County

    Detroit, feds talk up to $100M for blight funding

    The White House and the city are in talks in recent days to free up to $100M in federal blight funding that could indirectly soften the blow of pension fund cuts and other financial issues.

    • 11:11 AM, Apr. 15, 2014
    • METRO AND STATE
    • Wayne County

    Detroit closes in on pension fund deal

    Detroit Bankruptcy negotiators appear close to a deal with at least one of Detroit's pension funds, while the city has begun to abandon the idea of a cash-generating regional water authority in the face of suburban opposition.

    • 1:54 PM, Apr. 14, 2014
    • METRO AND STATE
    • Wayne County

    Moody's sees 'signs of progress' in Detroit bankruptcy

    Moody's Investors Service says it expects general obligation bondholders in Detroit's bankruptcy will receive less than unlimited tax obligation bondholders — and said there are 'signs of progress' in the nation's largest Chapter 9 filing.

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

    Judge OKs $85M Detroit debt deal with 2 banks

    Judge Steven Rhodes approved Detroit's $85M settlement of a troubled pension-related debt with two banks — a key component of the city's plan to shed $9N in debt.

    • 2:14 PM, Apr. 10, 2014
    • METRO AND STATE
    • Wayne County

    Rating agency Fitch says new Detroit bondholder deal 'likely'

    Washington — One of the three major rating agencies says another settlement with Detroit bondholders is likely in the wake of an agreement reached Wednesday that will allow Detroit's unlimited tax general obligation bondholders to keep 74 percent of their

    • 9:32 PM, Apr. 9, 2014
    • METRO AND STATE
    • Wayne County

    Investor groups prepare bids for DIA's treasures

    A bond insurer facing massive losses in Detroit's bankruptcy said today it has solicited and received four preliminary bids by investors who are interested in ...

    • 2:50 PM, Apr. 9, 2014
    • METRO AND STATE
    • Wayne County

    Orr implores Detroit unions to settle in wake of bond debt deal

    Emergency Manager Kevyn Orr on Wednesday touted bankruptcy court settlements with three bond insurers and implored Detroit's labor unions to also work toward ...

    • 10:22 PM, Apr. 9, 2014
    • METRO AND STATE
    • Wayne County

    Orr: Bond deal creates safety net for poorest Detroit retirees

    Detroit reached a settlement with three bond insurers in the city's bankruptcy Wednesday that will free $57 million to help keep the most vulnerable municipal ...

    • 12:26 AM, Apr. 8, 2014
    • METRO AND STATE
    • Wayne County

    Snyder challenged on cousin's office furniture dealings with state

    Gov. Rick Snyder was called out by a Democratic official Monday at a breakfast forum over allegations of nepotism involving the governor's cousin's office ...

    • 5:39 PM, Apr. 7, 2014
    • METRO AND STATE
    • Wayne County

    Orr vows Detroit will help retirees understand bankruptcy plan

    Detroit — As the city prepares to send out ballots for its bankruptcy restructuring plan, Emergency Manager Kevyn Orr is vowing more transparency and stressing ...

  3. Snyder, Orr to speak at Mackinac Policy Conference

    Detroit — The architects of the biggest municipal bankruptcy in U.S. history, Emergency Manager Kevyn Orr and Gov. Rick Snyder, will speak during the Mackinac ...

    • 11:01 PM, Apr. 3, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy judge to rule next week on pension debt settlement

    U.S. Bankruptcy Judge Steven Rhodes plans to rule April 11 from the bench on whether he will approve Detroit's proposed $85 million settlement with two banks ...

    • 12:24 PM, Apr. 2, 2014
    • METRO AND STATE
    • Wayne County

    Judge approves $120M loan for Detroit city service improvements

    A judge today approved a $120 million loan sought by Emergency Manager Kevyn Orr to pump money into city services as part of the city's bankruptcy ...

    • 2:40 PM, Apr. 1, 2014
    • METRO AND STATE
    • Wayne County

    Retirees, residents protest Detroit's debt-cutting plan

    Detroit — Residents, activists and retirees rallied outside the federal courthouse on Tuesday to react and file objections to the city's amended debt-cutting ...

    • 8:07 PM, Mar. 28, 2014
    • METRO AND STATE
    • Wayne County

    Public safety upgrades top list for Detroit loan funds

    The city on Friday offered some details on how it wants to spend $179 million on city service improvements, with the biggest chunk of money going toward public ...

    • 1:35 PM, Mar. 27, 2014
    • METRO AND STATE
    • Wayne County

    2 banks not required to support Detroit's debt-cutting plan

    Two banks that have agreed to accept $85 million to settle a disastrous pension-related deal are no longer required to support the city's debt-cutting plan.

    • 1:37 PM, Mar. 26, 2014
    • METRO AND STATE
    • Wayne County

    Judge gives Detroit more time to consider dumping leases

    The city's bankruptcy judge today gave Detroit more time to decide whether to dump 12 commercial leases, including several police precincts and mini stations.

    • 6:03 PM, Mar. 25, 2014
    • METRO AND STATE
    • Wayne County

    Orr seeks bidders for private operation of Detroit water department

    The Detroit Emergency Manager is seeking bids for public-private operation of the Detroit water department in a proposal that calls for limiting rate increases.

    • 6:01 PM, Mar. 25, 2014
    • METRO AND STATE
    • Wayne County

    State board approves $120M loan for Detroit

    Lansing — Michigan's emergency loan board quickly approved a new deal on Tuesday between Detroit and Barclays under which the city will borrow $120 million to ...

    • 1:23 PM, Mar. 25, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy judge seeks more details on proposed $120M loan

    The judge overseeing Detroit's historic bankruptcy case is asking the city to provide more specifics on the terms and planned expenditures of a $120 million ...

  4. Snyder, Orr strike upbeat note about Detroit at NYC policy forum

    Gov. Rick Snyder and Emergency Manager Kevyn Orr addressed the Detroit bankruptcy and the city's future during a policy forum today in New York City.

    • 11:54 AM, Mar. 20, 2014
    • METRO AND STATE
    • Wayne County

    Judge irked that Detroit's $85M debt deal not finalized

    An $85 million settlement of a disastrous pension-related debt deal that could let Detroit force cuts on creditors is not finalized, a revelation that irked ...

    • 4:44 PM, Mar. 20, 2014
    • METRO AND STATE
    • Wayne County

    Detroit pension plans project lower funding levels as city withholds contributions

    Detroit — The funded level of the city's two pension plans is projected to have dropped, a result tied in part to the city's failure to contribute millions of ...

    • 10:42 AM, Mar. 11, 2014
    • METRO AND STATE
    • Wayne County

    Deal reached to protect retiree committee in Detroit bankruptcy case

    The city's lawyers today announced they have reached a deal that will protect members of a retiree committee from lawsuits associated with Detroit's bankruptcy ...

    • 12:21 AM, Mar. 6, 2014
    • METRO AND STATE
    • Wayne County

    Detroit seeks quick trial on debt deal with banks

    The city wants a quickie trial over whether a judge should approve an $85M settlement with banks involved in a pension-related debt deal blamed for helping ...

    • 11:49 AM, Mar. 5, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy judge criticizes liability insurance plan

    U.S. Bankruptcy Judge Steven Rhodes had harsh words Wednesday for attorneys fighting for a lofty insurance policy to protect members of a retiree committee ...

    • 12:54 AM, Mar. 4, 2014
    • METRO AND STATE
    • Wayne County

    Cost-of-living increases sticking point in pension mediation talks

    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 ...

    • 12:06 AM, Mar. 4, 2014
    • METRO AND STATE
    • Wayne County

    New debt deal could save Detroit $201 million

    The city revealed a third settlement with two banks Monday that would end a disastrous pension debt deal blamed for plunging Detroit into bankruptcy.

    • 11:18 AM, Mar. 1, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bond insurer vows fight over DIA art, water department

    A bond insurer Friday vowed Detroit faces a long legal fight over the fate of its valuable art collection and pushed for a private sale of the city's other key ...

    • 11:34 PM, Feb. 27, 2014
    • METRO AND STATE
    • Wayne County

    Duggan's bid to cut Detroit auto insurance rates faces tough climb, industry insider warns

    Mayor Mike Duggan wants to keep a campaign promise to tackle the city's high auto insurance rates by creating a city insurance company — an effort that is ...

    • 3:56 PM, Feb. 27, 2014
    • METRO AND STATE
    • Wayne County

    Chicago will avoid Detroit's bankruptcy fate, rating agency predicts

    Good news for Chicago: A major credit rating agency says the Windy City shouldn't face the same fate Detroit suffered.

    • 5:36 PM, Feb. 25, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy judge won't delay Detroit debt-cutting plan

    The city's bankruptcy judge on Tuesday refused to delay the process of approving Detroit's debt-cutting plan, arguing the city would run out of cash if it ...

    • 5:46 PM, Feb. 24, 2014
    • METRO AND STATE
    • Wayne County

    Detroit public safety union leaders say pension cuts 'crippling,' 'unacceptable'

    Officials with Detroit's public safety unions on Monday blasted the city's 'brutal and unreasonable' plan to cut pensions as it aims to shed about half of its ...

    • 7:33 PM, Feb. 24, 2014
    • METRO AND STATE
    • Wayne County

    Judge sets June trial date for Detroit bankruptcy plan

    The city's bankruptcy judge today set a June 16 trial date for Detroit to prove it can accomplish a plan to shed debt and end the municipal bankruptcy case.

    • 11:37 PM, Feb. 23, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy exit plan explores collecting taxes from residents working outside Detroit

    Emergency Manager Kevyn Orr's restructuring plan released Friday includes a plan to try and collect income taxes from Detroit residents who work outside the ...

    • 11:12 PM, Feb. 22, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy proposal leaves pensioners angry, confused

    When Albert Jackson was hired as a garbage collector for the City of Detroit in 1980, Mayor Coleman Young was working on a plan to save money.

    • 9:34 PM, Feb. 21, 2014
    • BUSINESS

    Plan for DIA rescues both art and Detroit retirees

    The proposed cuts to Detroit pensioners, the real people most affected by the city's historic bankruptcy, aren't what Emergency Manager Kevyn Orr proposed back ...

    • 5:48 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Bankruptcy exit plan riles Detroit retirees

    Many Detroit retirees are riled at the plan to cut city pensions of nearly 35% for general general retirees and 10% for police and fire members.

    • 10:02 AM, Feb. 22, 2014
    • METRO AND STATE
    • Wayne County

    Detroit plans $1.5B in capital improvements, looks at leasing airport and parking

    Emergency Manager Kevyn Orr plans to infuse $1.5 billion in capital improvements into Detroit during the next decade while looking to sell or lease some of its ...

    • 9:48 AM, Feb. 22, 2014
    • METRO AND STATE
    • Wayne County

    Detroit bankruptcy exit plan: Pension cuts, millions for blight

    The city wants to slash monthly pensions for general retirees 34 percent while retired cops and firefighters would see their pensions cut 10 percent under a ...

    • 11:38 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Orr: Detroit closer to regional water, sewer system

    Detroit's plan of adjustment calls for allowing the city to form a new agency named the Great Lakes Water and Sewer Authority to take over the Detroit Water ...

    • 6:36 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Detroit pension funds can file direct appeal of bankruptcy

    The city's pension funds and others were granted permission Friday to file a direct appeal of the city's bankruptcy. The U.S. 6th Circuit Court of Appeals ...

    • 3:59 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Detroit plan of adjustment gives bondholders 80% cut

    The bankruptcy plan of adjustmentgives unsecured creditors holding Detroit's general obligation bonds an unprecedented cut of 80%, offering just $33 million ...

    • 12:24 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Where does Detroit's Chapter 9 go from here?

    The city's plan of adjustment represents seven months of behind-the-scenes planning and negotiating with creditors that could result in contentious courtroom ...

  5. Detroit filing backs DIA rescue plan

    The proposed $815 million rescue plan for the Detroit Institute of Arts and the city's beleaguered pensioners won endorsement Friday in the city's Plan of ...

    • 2:37 PM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Orr addresses Detroit bankruptcy exit plan

    Emergency Manager Kevyn Orr discussed the city’s Plan of Adjustment and related disclosure statement in Pennsylvania.

  6. Timeline: The road to Detroit's bankruptcy

    March 2011: Michigan's Public Act 4 emergency manager law takes effect, giving state-appointed overseers of financially troubled cities the power to tear up ...

    • 8:27 AM, Feb. 21, 2014
    • METRO AND STATE
    • Wayne County

    Creditors brace for landmark Detroit debt plan

    The office of Detroit's state-appointed emergency manager Kevyn Orr says the proposal for the city's restructuring through and after bankruptcy is expected to ...

    • 3:37 PM, Feb. 19, 2014
    • METRO AND STATE
    • Wayne County

    Detroit reaches new deal to settle pension debt

    The city reached a new settlement with two banks to end a troubled pension debt deal Friday and will try to seek approval from a bankruptcy judge who rejected ...

    • 5:30 PM, Feb. 19, 2014
    • METRO AND STATE
    • Wayne County

    Judge expects to rule on bondholder payments in a few weeks, urges negotiations

    U.S. Bankruptcy Judge Steven Rhodes said Wednesday he'll issue a crucial decision in two to three weeks about whether general obligation bondholders are ...

    • 2:44 PM, Feb. 19, 2014
    • METRO AND STATE
    • Wayne County

    Judge questions need for new team of lawyers in Detroit bankruptcy case

    The city's bankruptcy judge today questioned the need for a new team of high-cost attorneys to get involved in the city's seven-month-old Chapter 9 case.

    • 4:37 PM, Feb. 18, 2014
    • METRO AND STATE
    • Wayne County

    Detroit's operating officer 'hoping' debt-cutting plan will be filed as early as Wednesday

    Detroit The city's chief operating officer suggested Tuesday that Detroit may file its debt-cutting plan of adjustment Wednesday in federal bankruptcy court, but later ...

    • 11:17 PM, Feb. 17, 2014
    • METRO AND STATE
    • Wayne County

    After rocky start, Orr, Duggan learn to trust each other as they run Detroit

    They call it a work in progress, but Emergency Manager Kevyn Orr and Mayor Mike Duggan appear to be forging a solid working relationship as they try to improve ...

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