December 03, 2014
Fee records from Detroit's extensive and complex bankruptcy show that the city was billed various times for a top Jones Day partner's travel to and from Florida, reportedly the location of his second home.
November 07, 2014
The judge presiding over Detroit's bankruptcy case effectively ended the largest municipal insolvency in U.S. history on Friday, confirming a sweeping restructuring plan that eliminates more than $7 billion in debt while rehabilitating crippled city services.
November 06, 2014
U.S. Bankruptcy Judge Steven Rhodes will decide Friday if Detroit can leave bankruptcy protection under a largely uncontested Chapter 9 plan that hinges on the city's ability to restore public services and justify paying pensioners more than financial creditors.
October 21, 2014
The judge presiding over Detroit's bankruptcy case indicated Tuesday that he wants the city to delve into specifics of its settlements with creditors and its exit financing plan during closing arguments next week in the confirmation trial for its plan to erase more than $7 billion in debt and reinvest in essential services.
October 20, 2014
The judge presiding over Detroit's bankruptcy case said Monday that the city will likely find out in less than three weeks if it can exit the largest Chapter 9 in history under a plan that would erase more than $7 billion in debt and reinvest in essential services to reverse a half-century of civic decline.
October 16, 2014
The City of Detroit has reached a settlement with Financial Guaranty Insurance Co., the final major creditor standing in the way of its restructuring plan, which has a more than $1 billion claim in the city's Chapter 9 bankruptcy case based on bonds it guaranteed, according to court documents filed Thursday.
September 30, 2014
The city of Detroit is set to receive $325 million in financing from Barclays PLC when the troubled metropolis exits bankruptcy, according to documents filed on Monday, $50 million more than was initially planned.
September 17, 2014
The judge presiding over Detroit's bankruptcy on Wednesday gave Financial Guaranty Insurance Co. and several hedge funds a week to refashion their objections to the city's debt restructuring after a onetime ally against the Chapter 9 plan dropped out.
September 16, 2014
The city of Detroit has secured the concessions it needed from retirees and certain bondholders to seal a settlement that will end Syncora Holdings Ltd.'s objections to its Chapter 9 restructuring plan, a source with knowledge of the situation said Tuesday.
September 15, 2014
Syncora Holdings Ltd. finalized a settlement on Monday of its objections to the city of Detroit's Chapter 9 restructuring that no longer requires concessions from two global investment banks, according to Syncora's attorney.