City of Detroit, Michigan

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Case overview

Case Number:

2:13-bk-53846

Court:

Michigan Eastern

Nature of Suit:

Firms

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August 18, 2014
Detroit Ch. 9 Plan Will Boost Economy, Tax Expert Says

The city of Detroit's plan to exit bankruptcy will result in growth in taxable income and employment in the city, a tax expert said in Michigan bankruptcy court Monday as part of the city's blockbuster Chapter 9 confirmation trial.
August 14, 2014
FGIC Wants Damages In Detroit's Bid To Undo $1.5B Debt

Financial Guaranty Insurance Co. on Wednesday challenged Detroit’s attempt to invalidate $1.45 billion in borrowings from the Kwame Kilpatrick era that were meant to solve unfunded pension liabilities but have been widely blamed for hastening the city’s descent into Chapter 9.
August 07, 2014
Detroit Plans $5.2B Water Bond Refi To Appease Creditors

The city of Detroit could soothe a major creditor constituency's opposition to its bankruptcy exit plan if the Detroit Water and Sewerage Department follows through on plans announced Wednesday to exchange up to $5.2 billion in outstanding revenue bonds for lower-interest debt.
July 30, 2014
Detroit Pensioners Face Moment Of Truth On Ch. 9 Appeals

The Sixth Circuit late Tuesday gave retiree groups that have inched toward abandoning their fight against Detroit's pension-cutting plan a Thursday deadline to make up their minds, saying their decision can't wait because the appeals must be resolved before the city's blockbuster confirmation trial.
July 29, 2014
Detroit Audit Finds City Was Insolvent Prior To Bankruptcy

The city of Detroit released a long-overdue audit finding it was insolvent when it requested Chapter 9 protection last year in the face of a $130 million budget deficit that forced a series of creditor defaults, while the bankruptcy judge on Tuesday delayed its hotly anticipated confirmation trial by a week.
July 28, 2014
Detroit Ch. 9 Plan Calls For Monitor With Subpoena Power

Less than three weeks ahead of a blockbuster confirmation trial, the city of Detroit on Friday submitted a new version of its bankruptcy exit plan that envisions for the first time an extended period of financial oversight by an independent, court-appointed monitor.
July 25, 2014
Ambac Finalizes Bond Settlement Ahead Of Detroit Plan Trial

Bond insurer Ambac Assurance Corp. on Friday unveiled details of a settlement with Detroit over the bankrupt city's treatment of limited tax-general obligation bonds, reporting it will see a minimum 34 percent recovery that could rise if the city successfully voids a disputed $1.5 billion borrowing.
July 15, 2014
Detroit Rapped For Disclosing Sensitive Creditor Docs

Detroit's bankruptcy judge on Monday ordered the city to reimburse $10,000 that a bond insurer and restructuring plan opponent spent corralling confidential documents the city inadvertently leaked to other creditors.
July 09, 2014
Detroit Art Valuation Little Help To 'Grand Bargain' Foes

A sale of Detroit's rare art would likely generate less than $2 billion even if it survives the inevitable legal challenges, according to a report released Tuesday that will figure prominently in an upcoming clash with creditors over the "grand bargain" charting the city's path out of bankruptcy while keeping the collection safe.
July 07, 2014
Individual Creditors Target Detroit's Ch. 9 Plan

Individual creditors on Monday took aim at Detroit's design to exit Chapter 9, with one pension holder contending that the city's proposed plan of adjustment can't be confirmed because it runs afoul of the Michigan Constitution.

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