Detroit Bankruptcy

-Michigan News
3:21 am
Wed July 23, 2014

Governor Praises Pensioners For Approving 'Grand Bargain'

Credit michigan.gov

Snyder: Pensioner approval of grand bargain sets Detroit up for faster recovery

Gov. Rick Snyder is praising Detroit pensioners for approving the city's bankruptcy restructuring plan.

The so-called "grand bargain" is designed to prevent deep cuts to retirement benefits and protect city-owned artwork at the Detroit Institute of Arts.

Snyder says the vote this week makes it more likely the city will emerge from bankruptcy soon.

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-Michigan News
6:18 am
Tue July 22, 2014

Detroit Bankruptcy Effort Bolstered By Pension Cut Approval

City of Detroit
Credit Wikimedia

Detroit's emergency manager is praising workers and retirees who approved pension cuts as a way to get the city out of bankruptcy. 

Results filed late Monday show the changes were endorsed by a landslide.

The tally gives the city a boost as Judge Steven Rhodes determines whether Detroit's overall strategy to scrub billions in debt is fair and feasible to all creditors.

Trial starts Aug. 14. Emergency manager Kevyn Orr says retirees made an "informed, positive decision."

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-Michigan News
7:18 am
Mon July 21, 2014

Today Is An Important Day In The Detroit Bankruptcy Case

Downtown Detroit
Credit Wikipedia

Detroit due to report results from pension vote   The city of Detroit is expected to report the results of voting on pension cuts by retirees and former and current workers. The outcome will have an impact on the city's bankruptcy case, which goes to trial on August. 14th.

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Michigan News
11:20 am
Fri June 20, 2014

Detroit Bankruptcy-Grand Bargain

City of Detroit
Credit Wikipedia

An effort by deep-pocketed philanthropists to save the bankrupt city of Detroit's art treasures culminated today when Michigan Governor Rick Snyder authorized $195 million in state help. The bill signing in Detroit was part of what's dubbed the Grand Bargain. The deal also includes $366 million from foundations and a $100 million fundraising pledge by the Detroit Institute of Arts.

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Michigan News
10:25 am
Tue June 17, 2014

Detroit Council Again OKs Charitable Trust For City-Owned Art

Detroit Institute of Arts
Credit Wikipedia

Detroit City Council has reaffirmed its approval to move artwork threatened by the city's bankruptcy into a charitable trust. 

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Michigan News
11:30 am
Mon June 9, 2014

Automakers To Help Save Detroit's Art Treasures

Exterior of The Detroit Institute of Arts
Credit Michael Barera / Wikimedia Commons

General Motors, Ford and Chrysler are stepping into Detroit's bankruptcy picture by pledging $26 million to help support retiree pensions while keeping the city's art treasures off the auction block.

The Detroit Institute of Arts, Gov. Rick Snyder and representatives from the automakers announced the donation Monday at the art museum.

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Michigan News
6:55 am
Thu May 15, 2014

Detroit Bankruptcy Creditors Want Access To Art

Detroit Institute of Arts
Credit Jason Mrachina / Flickr.com

Valuable art is back on the docket in Detroit's bankruptcy case. 

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Michigan News
2:33 am
Wed May 14, 2014

Automakers May Have A Role In Detroit Bankruptcy

Credit Wikipedia

Chrysler, Ford Motor and General Motors are interested in preserving art and shoring up pensions in Detroit's bankruptcy case.  

 

     

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Michigan News
2:44 am
Tue May 6, 2014

Detroit Expecting $195M Lump Sum From Michigan

City of Detroit
Credit Wikipedia

Detroit's latest plan to get out of bankruptcy includes a lump-sum payment of about $195 million from the state to shore up pensions and prevent the sale of city-owned art. 

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Michigan News
8:16 pm
Tue April 29, 2014

Kevyn Orr Pushing Detroit Bailout In Lansing

Credit wikimedia commons

Detroit EM tries to sell bailout to lawmakers

Detroit Emergency Manager Kevyn Orr is spending a couple of days in Lansing for closed-door meetings with state officials. He's primary mission is to convince reluctant state lawmakers to support the Detroit bailout package.

The state's share, which would have to be approved by the Legislature, is $350 million dollars. That would help mitigate cuts to pension benefits as part of the city's bankruptcy, and
ensure the assets of the Detroit Institute of Arts are safe from the auction block.

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Michigan News
4:31 am
Thu April 17, 2014

Detroit Still Needs $350M From State Lawmakers

City of Detroit
Credit Wikipedia

Pressure is building for Michigan lawmakers to commit $350 million to Detroit pensions after the bankrupt city reached tentative agreements with pension funds and a retiree group. The deals are tied to Detroit getting money from the state over 20 years, along with $466 million in private money, all to shore up pensions.

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Michigan News
3:57 am
Wed April 16, 2014

Detroit Bankruptcy: City Strikes 2nd Deal With Its Other Retirees

City of Detroit
Credit Wikipedia

The Detroit pension fund that covers all retirees except former police officers and firefighters says it has reached a tentative agreement with the bankrupt city. Tina Bassett, a spokeswoman for the city's general pension fund, says retirees would see a 4.5 percent cut and their cost-of-living payments would be eliminated under a deal reached late Tuesday.

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Michigan News
2:51 pm
Thu February 20, 2014

Detroit Bankruptcy Update

State-appointed emergency manager Kevyn Orr (right) and Michigan Gov. Rick Snyder, at a news conference in Detroit.
Credit Carlos Osorio / AP

DETROIT (AP) - The office 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.       Bankruptcy Judge Steven Rhodes had set a March 1 deadline for the long-awaited plan of adjustment. The plan will spell out how individual creditors will be treated as Orr reduces the city's $18 billion debt.       Spokesman Bill Nowling says Orr's office plans to file the plan with the court Friday.

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Michigan News
4:30 pm
Mon February 10, 2014

Detroit: Bankruptcy plan will be filed next week

DETROIT (AP) — The city of Detroit says it will file a plan to emerge from bankruptcy next week, just days before a March 1 deadline.

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Michigan News
11:21 pm
Wed January 22, 2014

Governor Snyder Announces Plan to Protect DIA Assets in Detroit Bankruptcy

From the DIA's InsideOut program

Snyder announces plan to shield DIA assets from Detroit bankruptcy

By Rick Pluta

Governor Rick Snyder has proposed committing up to $350 million to help mitigate cuts to Detroit pension benefits – as well as keep assets of the Detroit Institute of Arts off the auction block.

The state’s offer would play out over 20 years and would match money raised from private donations to make sure DIA paintings, sculptures, and other works of art don’t get sold off to pay pension benefits that are central to the bankruptcy negotiations.

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