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, Oct 25- Cuts to Detroit's public pensions and retiree healthcare were inevitable given the city's sagging finances, a top consultant for the city testified on Friday during the third day of a trial to determine whether the city is eligible for bankruptcy.
DETROIT, Oct 23- A trial on Detroit's eligibility for bankruptcy protection kicked off on Wednesday with opponents claiming the city tried to bypass restrictions on cutting workers' pensions, as experts in municipal bankruptcy around the country watched closely in a case that could set important precedents.
Bankruptcy Judge Steven Rhodes on whether Detroit is eligible to restructure its debts and liabilities under Chapter 9 of the U.S. Kevyn Orr, the city's emergency manager who has broad powers over Detroit's finances, is expected to testify on Friday, his spokesman, Bill Nowling said by a Twitter message.
DETROIT, Oct 23- In a federal court building in downtown Detroit, beginning on Wednesday morning, the largest municipal bankruptcy filing in U.S. history comes down to a single question: Is Detroit bankrupt?
Department of Justice attorney on Wednesday defended the legality of Chapter 9 municipal bankruptcy in the second day of hearings addressing legal issues surrounding Detroit's bankruptcy case.
DETROIT, Sept 19- Detroit residents, city retirees and even two city council members stood Thursday where dozens of bankruptcy lawyers have gone before them: before Bankruptcy Judge Steven Rhodes, arguing why their city does not belong in bankruptcy court.
DETROIT, Sept 10- Detroit's bankruptcy filing has made it harder for Michigan's municipalities to tap America's municipal bond market but it is difficult to say exactly how much impact it has had, the state's governor said in an interview Tuesday.
Sept 6- Attorneys for Detroit made their case for the city's request for bankruptcy in court papers on Friday, knocking down individual objections to the process and saying filing for protection would not necessarily cut pensions.
DETROIT, Aug 27- The federal judge overseeing Detroit's bankruptcy filing is accelerating the already hurried process of determining whether the city is eligible for protection from its creditors. Detroit filed the largest municipal bankruptcy in U.S. history on July 18.
Aug 16- The federal judge presiding over Detroit's municipal bankruptcy ordered the mediator in the case to handle negotiations of collective bargaining agreements with the city's unions.
DETROIT, Aug 13- A Detroit metropolitan county is threatening to cut funding to the city's art museum if Detroit's bankruptcy filing leads to the sale of any of its collection which includes works by Vincent van Gogh, Rembrandt and Diego Rivera.
Aug 9- The public battle between J.C. Penney Co and leading shareholder Bill Ackman escalated Friday with the hedge fund manager demanding the ouster of the retailer's chairman as well as the interim CEO, while Starbucks CEO Howard Schultz joined the fray urging the billionaire's removal from the board.
DETROIT, Aug 9- Before Detroit filed for bankruptcy in July, a team of analysts working with emergency manager Kevyn Orr met three times with labor unions but couldn't agree on a critical number: whether Detroit's unfunded pension liability was five times larger than previously believed.
DETROIT, Aug 7- Detroit's emergency manager voiced confidence on Wednesday that the city could emerge from bankruptcy before his term expires in October 2014 and possibly without having to borrow more money.
DETROIT, Aug 7- Detroit's emergency manager voiced confidence on Wednesday that the city should be able to emerge from bankruptcy before his term expires in October 2014, and possibly without having to borrow new money.
Aug 1- A top officer at the Detroit Institute of Arts predicts near-certain closure for the museum if Detroit sells major pieces from the 60,000 works in the institute's art collection as a way to address the city's dire financial situation.
DETROIT, July 31- Michigan Attorney General Bill Schuette says he sees no conflict in representing the state's governor, who approved Detroit's bankruptcy filing, while at the same time representing Detroit's retirees, who assert that the filing is illegal.
July 27- Michigan's Attorney General Bill Schuette, a Republican, said on Saturday he would defend retirees who risk losing public pensions because of Detroit's bankruptcy, putting him at odds with the city's emergency manager appointed by fellow Republican Governor Rick Snyder.
July 27- Michigan Attorney General Bill Schuette said on Saturday he would join Detroit's federal bankruptcy case to defend retirees who risk losing public pensions, arguing that the state's constitution protects their benefits.
DETROIT, July 24- A U.S. bankruptcy court judge on Wednesday suspended lawsuits brought in Michigan state courts that had challenged Detroit's bankruptcy filing on state constitutional grounds while the judge reviews the city's petition for protection from creditors.