City of Detroit, Michigan

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Case overview

Case Number:

2:13-bk-53846

Court:

Michigan Eastern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

February 20, 2014
Detroit, Banks Reach New Deal To Exit Swap Contracts

The City of Detroit has reached a new settlement to terminate swap agreements it made with UBS AG and Bank of America Corp.'s Merrill Lynch Capital Services LLC, its third attempt to ink a deal that would give the bankrupt city access to much-needed casino revenues securing the transactions.
February 10, 2014
Detroit To Submit Bankruptcy Plan Next Week

An attorney representing Detroit in its Chapter 9 bankruptcy told a judge on Monday that a plan of adjustment should be filed by next week, which would lay out the flailing city's proposed path toward financial health.
February 05, 2014
Detroit Fees Hit $11M In First Weeks Of Bankruptcy

The early stages of Detroit's bankruptcy have been a windfall for its attorneys and financial advisers, who presented an $11.4 million bill for their legal and consulting work for the first 10 weeks alone, according to a Tuesday court filing.
January 31, 2014
Detroit Wants $1.44B Pension Finance 'Scam' Voided

The city of Detroit asked a Michigan bankruptcy judge on Friday to nullify "disastrous" financial transactions behind $1.44 billion in bonds sold to investors, saying the deals were illegal under Michigan law and hastened the city's insolvency.
January 30, 2014
Detroit Manager Presents Bankruptcy Plan To Creditors

Detroit Emergency Manager Kevyn Orr presented a proposed plan to pay back creditors Wednesday, and though the details are being kept under wraps for now, he says an official plan will be filed in bankruptcy court in about two weeks.
January 16, 2014
Detroit's $165M Deal To Exit Swap Contracts Gets Nixed

A revised $165 million settlement that would terminate swaps agreements between bankrupt Detroit, UBS AG and Bank of America Corp.'s Merrill Lynch Capital Services LLC was reportedly rejected by a Michigan bankruptcy judge Thursday, who said "it's just too much money."
January 09, 2014
Detroit Retirees Sue City Over Slashed Health Benefits

Retired employees of the city of Detroit on Thursday filed an adversary proceeding against the city in its bankruptcy suit to stop the city from cutting its retirees' health care plans by as much as $150 million.
January 02, 2014
Ambac Says Detroit's $165M Swaps Deal Is Still Too Costly

Ambac Assurance Corp. on Thursday objected to a revised settlement that would terminate swaps agreements between bankrupt Detroit and UBS AG and Merrill Lynch Capital Services LLC, saying the most recent version of the deal is too costly.
December 04, 2013
Detroit Art Could Be Worth $866M, Christie's Says

Auction house Christie's on Wednesday said works of art owned by the city of Detroit could be worth between $452 million and $866 million, valuations the bankrupt city requested as it contemplates how to cut down its staggering debt.
December 03, 2013
Detroit Eligible For Ch. 9 Bankruptcy, Judge Rules

A Michigan bankruptcy judge on Tuesday ruled, as expected, that Detroit is eligible for Chapter 9 relief, despite the tireless efforts of city workers and retirees to keep the case from moving forward out of fear that they will be the ones forced to endure the largest concessions.

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