The largest municipal bankruptcy in history isn’t all about the financial claims of global banks and the thousands of pensioners who are justifiably making headlines in recent days. ... One interpretation of a bankruptcy filing is that it allows leadership and the courts to remedy financial sins of the past. How will civil rights be credited?
Long before Detroit Emergency Manager Kevyn Orr rolled out his proposal in February for paying back the city’s creditors, bankruptcy experts knew the pain would not be spread evenly. Although the final score won’t be known for years, Reporter Mike Wilkinson at our Detroit Journalism Cooperative partner, Bridge Magazine, prepared a summary of other likely winners, and losers, when the terms of Detroit’s debt payments are finally approved.
Detroit Journalism Cooperative partner WDET is examining the concerns of Detroiters over the next few months in a series we call the Detroit Agenda. It’s a series that brings forward the voices of the residents as they experience daily life in the city that’s currently going through the largest municipal bankruptcy in history. While lawyers, the emergency manager and the city’s elected leaders work out the long-term deficit elimination plan and the financial restructuring, one of the biggest concerns facing city residents is crime. But beyond the statistics and the headlines, there’s the aftermath of crime. As WDET’s J. Carlisle Larsen reports many Detroiters look to the religious community for solace.
Pensioners would agree to halt existing — and not pursue future — litigation related to Michigan laws regarding emergency managers and public pensions protections under a deal reached this week in the Detroit bankruptcy case. The provision has immediate implications
Bankruptcy Judge Steven Rhodes is holding job interviews of sorts today with four men and one woman who applied to work as the court’s expert witness in determining the feasibility of the city’s eventual plan to exit from bankruptcy and operate in the future. Rhodes eventually will issue a final order with parameters for the city’s […]
The chief mediator in the Detroit bankruptcy case named two federal judges as mediators for continuing discussions toward a regional water authority. U.S. District Judges Sean Cox and David Lawson will facilitate discussions between the city and Macomb, Oakland and Wayne counties as they return to negotiating under the direction of Bankruptcy Judge Steven Rhodes. This morning, […]
This week’s tentative deals reached on Detroit pensions as part of the bankruptcy case will affect how pensioners will think when they’re eventually voting on the plan. The deal reached this week is far better for pensioners than EMergency Manager Kevn Orr had proposed but it has conditions tied to it that are beyond pensioners’ control. WDET’s Pat Batcheller talked with Douglas Bernstein, bankruptcy attorney at Plunkett-Cooney, about how that may work. “It’s really a question of risk and reward,” Bernstein says. “How much are you willing to gamble that you’re going to prevail at the end of he day, and how much are you willing to spend to get there? And in the end, is the incremental benefit worth it?” Hear the report.
Detroit Journalism Cooperative partner Michigan Radio reports on the speed of the city’s bankruptcy proceedings, especially during this watershed week.
My new favorite website — and I’ll be fickle, I’m sure, so expect another one soon! – is the Glossary on the U.S. Courts website. And it’s not just for the casual bankruptcy observers. Here’s the site’s introduction: “Most debtors who file a bankruptcy petition, and many of their creditors, know very little about the […]
The city of Detroit filed its third Disclosure Statement in its bankruptcy case. The statement, according to U.S. Bankruptcy Court, is “designed to provide ‘adequate information’ to creditors to enable them to evaluate the … plan of reorganization.” 2nd Amended Disclosure Statement 4.16.14
AboutNext Chapter Detroit is a place to explore and understand the city’s bankruptcy, its impact on people and neighborhoods and its long-term implications. Powered by coverage and conversations from the media outlets of the Detroit Journalism Cooperative, the site provides fact-based reporting from trusted sources and opportunities for citizen engagement.
WDET’s Sandra Svoboda is your site guide. A veteran Detroit journalist and 24-year area resident, she’ll share stories, add insight and ask questions to help decode the bankruptcy process and the city’s restructuring.