Some cities may need to be pushed into bankruptcy, while others may just need a healthy dose of private-sector medicine, said TransPro Consulting CEO Mark Aesch.» Read More
DETROIT, April 17- The federal judge overseeing Detroit's historic bankruptcy case has revived the idea of a regional water authority and also suggested the city may need court oversight after it emerges from bankruptcy.
DETROIT— Looking years ahead, the judge overseeing Detroit's bankruptcy said Thursday he wants assurances from the mayor and other elected leaders that they'll follow a final plan that likely cuts pensions, sheds debt and plows millions into better services.
DETROIT— Pressure was building Wednesday for Michigan lawmakers to commit $350 million to Detroit pensions, a day after the city reached tentative agreements with pension funds and a retiree group to reduce payouts.
DETROIT— The city of Detroit reached tentative agreements to preserve pensions for retired police office and firefighters but cut monthly payments for other former employees, key deals that could accelerate the largest public bankruptcy in U.S. history, officials said Tuesday.
DETROIT— The city of Detroit reached a deal with a group of retired police officers and firefighters that would protect pensions but trim annual cost-of-living payments— the first major agreement with retirees in the bankruptcy case, mediators announced Tuesday.
NEW YORK, April 10- Detroit's emergency manager Kevyn Orr had political ambitions- once. When Orr began his career in the 1980 s as a trial attorney in the rough-and-tumble world of Florida's Miami-Dade County, he thought he might one day run for public office, he told Reuters in an interview on Wednesday.
WASHINGTON, April 9- Detroit on Wednesday struck a deal with a core group of creditors that could ease concerns about the treatment of certain bonds in its landmark bankruptcy case and pave the way for compromises with other creditors.
NEW YORK, March 24- Detroit's emergency manager expects the city's $18 billion bankruptcy plan to win court approval by the fall despite obstacles such as a dispute over swap agreements and a vote by retirees on the plan that could potentially slow or derail the process.
In a filing in U.S. Bankruptcy Court, Syncora Guarantee Inc warned that lawsuits will be filed over the Detroit Institute of Arts' collection, which the city is not selling at this point to help pay its $18 billion in debt.
Feb 24- Detroit's plan to deal with its $18 billion of debt and emerge from municipal bankruptcy would set a troubling precedent for the U.S. municipal bond market, Fitch Ratings said on Monday. "Fitch considers Detroit's plan of adjustment to be hostile to GO bondholders," the rating agency said in a statement.
Feb 21- Detroit's blueprint for dealing with $18 billion in debt and emerging from municipal bankruptcy requires cuts to worker pensions and even deeper cuts for bondholders, setting the stage for a new round of negotiations and court challenges.
Feb 21- Detroit's much-anticipated blueprint for dealing with $18 billion in debt and emerging from municipal bankruptcy requires cuts to worker pensions and even deeper cuts for bondholders, according to a plan the city filed in federal court on Friday.
Feb 21- Detroit filed a much-anticipated blueprint for dealing with $18 billion of debt in U.S. bankruptcy court on Friday that includes cuts of as much as 80 percent for some unsecured bondholders.
Jan 28- Foundations seeking to protect Detroit's public pensions and its art museum in the city's bankruptcy process raised their pledge total to $370 million on Tuesday with the addition of a $40 million commitment from the W.K. Kellogg Foundation.
DETROIT, Jan 16- A U.S. bankruptcy judge on Thursday rejected a deal allowing Detroit to end interest-rate swap agreements with two investment banks, a move that puts pressure on banks for more concessions while throwing a wrench into the city's plans to exit bankruptcy by September.
DETROIT, Jan 16- A U.S. bankruptcy judge on Thursday rejected a deal allowing Detroit to end costly interest-rate swap agreements with two investment banks, possibly further delaying when the city will submit to the court its plan to adjust its debt.
DETROIT, Jan 16- Michigan Governor Rick Snyder has proposed a $350 million, 20- year plan for the state to protect Detroit retiree pensions and the collection of the Detroit Institute of Arts, local newspapers reported on Thursday.
DETROIT, Jan 15- Despite forecasts that Michigan will have a budget surplus, a top state legislator on Wednesday warned that Detroit should not expect a state bailout for the struggling city that has filed the largest municipal bankruptcy in U.S. history.
NEW YORK, Jan 15- J.C. Penney Co Inc said on Wednesday it would close 33 stores and cut 2,000 jobs as part of its efforts to return to profitability. Last week, Macy's Inc said it was eliminating 2,500 jobs.
NEW YORK, Jan 15- J.C. Penney Co Inc said on Wednesday it will close 33 stores and cut 2,000 jobs as part of the struggling retailer's efforts to return to profit. Chief Executive Myron Ullman in a statement called the move an important step that "addresses a strategic priority to improve the profitability of our stores."