The City of Detroit’s bankruptcy lawyers have reached an agreement with lawyers for investment banks, who are creditors in the bankruptcy filing. The deal will save Detroit millions of dollars in the restructuring of debt. The Bankruptcy Court for the Eastern District of Michigan still has to approve the deal. Bankruptcy lawyers for both sides […]
Detroit Bankruptcy Plan Seeks Cuts to Retirees Benefits and Future Pensions
The LA Times is reporting that the City of Detroit’s bankruptcy lawyers have proposed a bankruptcy plan seeking to reduce current health benefits of pensioners and future pensions of current city workers. This is despite the supposed early reports that Detroit’s lawyers were seeking only small cuts if any to pensions. Bankruptcy lawyers for the […]
Detroit Bankruptcy Pension Cuts Affect on Retirees
The Detroit News has an article that discusses the impact of pension cuts on retirees. It does a good job of illustrating the differences in pension amounts and length of retirement by some pensioners. Bankruptcy lawyers for the City of Detroit are working through options for fair ways to reduce pensions. Options consist of reducing […]
Detoit Bankruptcy Plan Expected Soon
The Detroit Free Press is reporting that the City of Detroit’s bankruptcy lawyers will file their plan to restructure the city’s debt next week. The bankruptcy plan is expected on the heals of what was termed successful bankruptcy mediation. Detroit’s creditors will be given an opportunity to vote on the plan and any objections will […]
Detroit Bankruptcy Mediation Proves Successful
The Detroit Free Press has an interesting story on the success of Detroit’s mediation. Mediation consists of discussion between parties and moderated normally by an expert in the field at issue. In this case, bankruptcy lawyers for the City of Detroit and its creditors met with U.S. District Judge Gerald Rosen for the mediation process. […]
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