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Mealeys

MLex

City of Detroit, Michigan

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Case overview

Case Number:

2:13-bk-53846

Court:

Michigan Eastern

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  1. July 02, 2014

    Detroit Demands Info On $1.4B Pension Finance Deal

    Detroit's bankruptcy lawyers on Wednesday demanded documents surrounding the $1.4 billion borrowing deal from 2005 meant to solve the city's unfunded pension obligations that has been widely blamed for the city's financial woes and descent into Chapter 9.

  2. July 01, 2014

    Detroit's Bid To Undo $1.5B Pension Finance Deals Survives

    The city of Detroit cleared a hurdle Monday in its attempt to void the sale of $1.45 billion in pension-related debt that hastened its insolvency when a federal judge allowed its lawsuit to proceed claiming the complex bond transactions violated Michigan municipal borrowing law.

  3. June 27, 2014

    Detroit Signs Labor Deal With Largest Union

    Detroit's largest union on Friday ratified a new labor contract with the city that will implement raises for members over the course of five years and provide the city with support of its proposed debt restructuring plan.

  4. June 27, 2014

    Detroit Bankruptcy Judge Rejects Demand For Art Details

    Detroit's bankruptcy judge on Thursday blocked Syncora Guarantee Inc. on its efforts to glean more information on the city's rare art collection, which the bond insurer has repeatedly argued should be sold for the benefit of creditors.

  5. June 20, 2014

    Mich. Gov. Signs Bills Committing $195M In Aid To Detroit

    Michigan Gov. Rick Snyder on Friday signed a package of bills that will deliver nearly $195 million in aid to support Detroit's plan to minimize retiree pension cuts, clearing another major hurdle in the city's path to free itself of billions in debt and exit bankruptcy proceedings.

  6. June 18, 2014

    Detroit Unveils 'Hybrid' Pensions To Ease Benefit Burdens

    Detroit officials on Wednesday revealed their plans to implement new, scaled-back "hybrid" pension formulas for new and current employees, as the city continues its attempts to cut its benefit obligations and climb out of bankruptcy.

  7. June 18, 2014

    Creditors Blast Detroit Bid To Take Judge On Tour Of City

    A group of creditors in Detroit's ongoing bankruptcy case on Tuesday objected to the city's plan to take a federal judge on a tour of the city, arguing that it could be both dangerous and prejudicial to the Chapter 9 proceedings.

  8. June 17, 2014

    Deal To Preserve Detroit Art Collection Gets AG's Approval

    A deal to spare the city of Detroit's art collection as it attempts to pay off $18 billion in debt and climb out of bankruptcy gained approval from Michigan's attorney general on Tuesday.

  9. June 12, 2014

    Detroit Retirement Fund Tells Members To Back Ch. 9 Plan

    Detroit's largest unsecured creditor, its general retirement system, on Wednesday urged its members to vote in favor of the city's proposed bankruptcy exit plan, saying it is the "most prudent option" for maintaining pension benefits.

  10. June 11, 2014

    Mich. AG Looks To Avoid Questioning On Selling Detroit Art

    Michigan Attorney General Bill Schuette said Wednesday that he should not be forced to provide the reasoning behind his opposition to selling the Detroit Institute of Arts collection as a means of infusing some cash into the debt-ridden city, asking the state's bankruptcy judge to toss a subpoena that demands his explanation.