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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. April 03, 2014

    Detroit May End Bankruptcy By October, Court Told

    Detroit may emerge from bankruptcy as soon as Oct. 15, if negotiations over its $18 billion in debt go as planned, the city's emergency manager reportedly said in his testimony on Thursday.

  2. April 01, 2014

    Some Retirees Get Less Under Detroit's New Ch. 9 Plan

    The city of Detroit filed an amended Chapter 9 reorganization plan in Michigan federal court on Monday, maintaining its plan to invest $1.5 billion over the next decade for capital improvements but proposing slightly lower payouts to police and fire retirees.

  3. March 25, 2014

    Detroit Judge Demands Details Of $120M Barclays Loan

    The bankruptcy judge overseeing Detroit's Chapter 9 case on Monday ordered the city to provide more details about its proposed $120 million financing package from Barclays Capital Inc. after he received several objections to the loan.

  4. March 24, 2014

    Detroit Emergency Manager Says Creditor Support Is Mounting

    Detroit emergency manager Kevyn Orr said Monday that he expected to garner enough support for the bankrupt city's plan of adjustment within the next couple of weeks to secure approval from a bankruptcy court before the fall.

  5. March 18, 2014

    Bond Insurer Slams Detroit Suit, Seeks To Intervene

    A bond insurer in Michigan bankruptcy court Monday slammed the city of Detroit's efforts to nullify an agreement to pay $1.44 billion in pension-related debt, seeking to intervene in the city's adversary suit and potentially throwing a wrench in its Chapter 9 bankruptcy exit plan. 

  6. March 07, 2014

    Detroit Retirees Say Pension Cuts Will Impoverish Them

    Detroit retirees on Thursday took to bankruptcy court to air their fears about the city's proposed plan of adjustment, which could force them to swallow hefty cuts to their pensions, with many noting that such measures would force them to seek public assistance.

  7. March 06, 2014

    Detroit Says $120M Barclays Financing For Public Services

    The city of Detroit sought approval from a Michigan bankruptcy court Thursday for $120 million in new financing from Barclays Capital Inc. to use for public service upgrades as the city strives to exit bankruptcy, according to court filings.

  8. March 04, 2014

    Detroit's Bank Deal Benefits Go Far Beyond Debt Cuts

    The new deal Detroit struck Monday to substantially reduce $286 million in bank debt could be enormously beneficial not only with respect to its financial position, but the flexibility it offers to continue negotiations with other creditors and the crucial support it provides for Detroit's bankruptcy exit plan.

  9. March 03, 2014

    Detroit, Banks Reach New $85M Deal To End Swap Contracts

    The city of Detroit said Monday that it has reached a new, $85 million settlement to end swaps agreements with UBS AG and Bank of America Corp.'s Merrill Lynch Capital Services LLC, after a Michigan bankruptcy judge deemed previous deals too expensive.

  10. February 21, 2014

    Detroit's Ch. 9 Plan Draws Fierce, Immediate Criticism

    The city of Detroit submitted its Chapter 9 plan Friday outlining a strategy to restructure its $18 billion in debt while setting aside $1.5 billion over the next decade for capital improvements, and has already met a firestorm of criticism from creditors that are slated to get a reduced recovery.