The Michigan legislature has held off their initial vote on contributing $195 million to the Detroit bankruptcy in order to protect the city’s assets from creditor liquidation.
The bankruptcy lawyers should not worry too much as the hold is just for a single day in order to review recent changes.
Michigan lawmakers are waiting a day to hold an initial vote on giving $195 million in state money to help Detroit emerge from bankruptcy while keeping the city under state oversight for decades.
The Republican chairman of a House committee plans to vote on the 11-bill package Wednesday to allow more time to review a number of changes being made. City unions oppose provisions in the legislation that aren’t part of a deal brokered with bankruptcy mediators.
The legislation commits $194.8 million to help prevent steeper cuts to retiree pensions and the sale of pieces at the Detroit Institute of Arts. Foundations and the museum have pledged hundreds of millions of dollars, too.
Gov. Rick Snyder says he wants the bills on his desk in June.
ABC News: http://abcnews.go.com/Politics/wireStory/lawmakers-plan-initial-vote-detroit-bankruptcy-23790422
