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Detroit files plan to fix debt, leave bankruptcy - The Washington Post
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Under the current bankruptcy settlement plan of Judge Rhodes bondholders would get $1 for every $5 and pension cuts for ununiformed workers would be about 30%. A library clerk for example could see a pension cut of $400 in a $1400 pension. Retired Detroit firefighters and police would see smaller cuts of 10%. The Detroit bankruptcy is being closely watched as other cities an local governments are facing similiar problems. As part of the plan $1.5 billion would be spent on reducing blight and improvements in the city. About 40% of Detroit streetlights are broken and police response time is about 1 hour. One reader says the unions sent companies to low cost regions and stuck Detroit with the bill. After the bankruptcy of GM and Chrysler the city shaw a sharp decline and many people left the city reducing its tax base and worsening urban blight. The events in Detroit are being watched around the country and had an impact in the vote at the VW plant in Chattanooga, Tennessee, where former mayor Corker cited the situation in Detroit as an issue.
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
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
The remarkable role of Judge Rhodes and Chief Mediator Judge Rosen in the art for pensions deal of the Detroit bankruptcy case
02/15/2014
Judge Rosen is given credit for coming up with an innovative solution of having the nation's biggest foundations such as the Ford Foundation come up with $370 million to help keep open the Detroit Museum of Art and pay city pensions.
Grouped Articles
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
Detroit's Broken Buses Vex a Broke City
Wall Street Journal 03/19/2014
Detroit WIns Judge's Nod for Contract Settlement
New York Times 04/11/2014
Wall Street Journal 04/25/2014
$200 Million Could Curb Pension Cuts in Detroit
New York Times 05/22/2014
Detroit's road to recovery -rebuilding street lighting and other infrastructure and services (1)
02/22/2014
Linked Articles
For Detroit, New Stage in Its Race to Recover
New York Times 02/23/2014
Detroit files plan to fix debt, leave bankruptcy - The Washington Post
Washington Post 02/22/2014
A former mayor of Chattanooga, Tennessee, a VW plant, and the city of Detroit
02/15/2014
Linked Articles
Detroit files plan to fix debt, leave bankruptcy - The Washington Post
Washington Post 02/22/2014
Corker's Campaign Behind Union Rejection
Wall Street Journal 02/15/2014
Detroit Recovers- GM management before 2009 and Detroit (2)
02/27/2009
Linked Articles
Detroit files plan to fix debt, leave bankruptcy - The Washington Post
Washington Post 02/22/2014
GM's Dismal Year: $30.9 Billion Loss
Wall Street Journal 02/27/2009
Detroit's road to recovery- the remarkable contributions of Judge Rhodes and Chief Mediator Judge Rosen in the settlement (3)
02/15/2014
Linked Articles
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
Detroit Recovers- the UAW and Detroit (1)
01/08/2009
Linked Articles
Detroit files plan to fix debt, leave bankruptcy - The Washington Post
Washington Post 02/22/2014
Bailout Pact Of GM, U.S. Would Block A UAW Strike
Wall Street Journal 01/08/2009
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