The Detroit Free Press has a new article about Detroit’s recovery through bankruptcy. The piece discusses the benefits of the bankruptcy filing – which were the intended purpose. The bankruptcy lawyers who advised on bankruptcy anticipated such positive results. Ordinarily individuals filing bankruptcy expect horrific results. However, most times that is not the case. The […]
Detroit Reaches Deal with Two Bankruptcy Creditors
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 […]
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