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. […]
Foundations Pledge $330 Million to Detroit Bankruptcy
Bankruptcy lawyers for both the City of Detroit and its creditors can breathe a sigh of relief as foundations have announced $330 million to save Detroit’s assets. The mediator in Detroit’s federal bankruptcy case announced this morning that local and national foundations have pledged $330 million toward an effort to shore up Detroit’s ailing pensions […]
Bankruptcy Court Reviews Detroit Proposal to Pay Creditors
Judge Steven Rhodes of the Eastern District of Michigan Bankruptcy Court, Detroit Division, is reviewing the proposal to pay off the City of Detroit’s bankruptcy Creditors. The plan was submitted by the city’s bankruptcy lawyers. The Bankruptcy Court in Detroit was closed on Monday, January 6th, and Tuesday, January 7th. The court is set to […]
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