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Judge Disallows Plan by Detroit to Payoff Banks
Keywords:
Swap contracts from 2005 intended to protect against rising rates costing Detroit $36 million a year in bankruptcy
04/03/2009
To get out of these swap contracts entered into with UBS and Bank of America in 2005- to protect against rising interest rates on a $1.4 billion variable interest loan for city's pension funds- Detroit already in bankruptcy has to come up with $230 million. Of a $350 million loan the city is negotiating with Barclays Capital in 2014, $230 million goes to UBS and Bank of America, leaving only $120 million for streetlights, police and basic services! Congress did not consider a public interest situation when giving banks a safe harbor on stay for collecting debts in bankruptcy, and there is not enough public education on this subject to get Congress to act, say experts.
Grouped Articles
'Safe Harbor' in Bankruptcy Upended in Detroit Case
New York Times 12/23/2013
Judge Disallows Plan by Detroit to Payoff Banks
New York Times 01/16/2014
Detroit Debt Proposal Favors Pension Funds
Wall Street Journal 01/31/2014
Mediator in Detroit Bankruptcy Walks Fine Line Between City, Creditors
Wall Street Journal 02/15/2014
Detroit files plan to fix debt, leave bankruptcy - The Washington Post
Washington Post 02/22/2014
New York Times 04/03/2009
Judge Steven Rhodes descision to reject Detroit paying $165 million to banks for cancelling swap contracts when the city needed money for basic services
04/03/2009
Grouped Articles
Judge Disallows Plan by Detroit to Payoff Banks
New York Times 01/16/2014
Detroit Debt Proposal Favors Pension Funds
Wall Street Journal 01/31/2014
For Detroit, New Stage in Its Race to Recover
New York Times 02/23/2014
Detroit WIns Judge's Nod for Contract Settlement
New York Times 04/11/2014
New York Times 04/03/2009
$200 Million Could Curb Pension Cuts in Detroit
New York Times 05/22/2014
The Detroit municipal bankruptcy in 2013
02/02/2012
Grouped Articles
Wall Street Journal 07/19/2013
Washington Post 12/04/2013
Detroit Ruling on Bankruptcy Lifts Pension Protections
New York Times 12/03/2013
Detroit Launches New Program to Repair Streetlights
Wall Street Journal 12/09/2013
'Safe Harbor' in Bankruptcy Upended in Detroit Case
New York Times 12/23/2013
Judge Disallows Plan by Detroit to Payoff Banks
New York Times 01/16/2014
Detroit's road to recovery- Judge Rhodes' rejection of a plan to pay off banks (2)
12/23/2013
Linked Articles
'Safe Harbor' in Bankruptcy Upended in Detroit Case
New York Times 12/23/2013
Judge Disallows Plan by Detroit to Payoff Banks
New York Times 01/16/2014
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