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By Steve King
Topic - Kevyn Orr
Detroit's emergency manager warned Friday that a complex package of nearly $1 billion in possible aid for the bankrupt city could unravel unless city employees and retirees approve a pension deal.
Detroit's state-appointed emergency manager says he's interested in owning a piece of Detroit real estate.
Detroit's emergency manager asked lawmakers Tuesday to quickly approve nearly $195 million in state aid to help the city emerge from bankruptcy, saying frankly that to ensure a compromise on pensions does not fall apart, "We need your money."
The historic restructuring of Detroit through bankruptcy court is taking a crucial step by putting a key plan before the some of the people most affected: roughly 30,000 retirees and city employees.
Lawmakers introduced legislation late Thursday to use about $195 million from Michigan's savings account to help shore up bankrupt Detroit's pension funds and prevent the sale of valuable city-owned art, as long as the state has continued oversight over city finances for decades to come.
Detroit's emergency manager outlined his bankruptcy restructuring plan to Michigan lawmakers Tuesday, answering questions behind closed doors while saying they should act soon on a $350 million state bailout to help the city emerge from insolvency.
A tentative deal announced Monday on major aspects of a contract between Detroit and some of its unions could help speed up the city's long exit from bankruptcy.
The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement.
Gov. Rick Snyder says Detroit's bankruptcy will be "largely closed" by October with a transition plan and oversight board in place.
The emergency manager running Detroit says he wants to see the city get out of bankruptcy by Oct. 15.
Hundreds of people rallied outside of federal court in Detroit to show their opposition to Detroit's updated bankruptcy plan.
Detroit's updated bankruptcy plan was filed in federal court on Monday, revealing new details on how the city plans to restructure its debt and provide public services during the largest municipal bankruptcy in U.S. history.
A New York-based bond insurer wants the Detroit Institute of Arts and the city's emergency manager to hand over years of financial records and other documents related to city-owned pieces in the art museum.
Detroit's state-appointed emergency manager Kevyn Orr is scheduled to lead a policy discussion at the University of Michigan on the future of urban governance in the city.
Detroit emergency manager Kevyn Orr has asked for bids in the process of privatizing parts of the Detroit water department, which serves about half of Michigan's residents.