The city filed its settlement agreement with bond insurer FGIC and holders of pension debt. Here it is.
The city and several creditors announced some major settlements today in the bankruptcy case. Here's what's happening:
It's fewer attorneys and more pensioners today in bankruptcy court. Judge Steven Rhodes has scheduled several "pro se" objectors who will testify and question witnesses. Pro se objectors are individuals without attorneys, and today's hearing will include their opposition to parts of the Plan of Adjustment.
Judge Steven Rhodes is questioning “his” expert witness: Martha Kopacz, a Boston-based restructuring consultant. He appointed her earlier this year, and she has been reviewing the city’s legal filings, budget reports and financial projections as well as interviewing city officials to determine the feasibility of the city’s restructuring plan.
To reflect its settlement with bond insurer Financial Guaranty Insurance Co., the city of Detroit filed an updated Plan of Adjustment today. It’s a draft, so it will be updated before the confirmation hearing ends next week. Here is the city’s 8th Amended DRAFT Plan of Adjutsment
Today’s testimony includes witnesses who will shed light on the city’s settlement deal with Financial Guaranty Insurance Co., which includes a development agreement for the Joe Louis Arena site.
Laura speaks with Crain’s Detroit Business Reporter and Editor of the new “Detroit 2.0″ special section, Amy Haimerl, about the future of Detroit finances and business. They discuss the “Big Bet on Detroit,” and according to Haimerl there are several. As the city works through this financial crisis, Haimerl says the first big bet is the partnership between Michigan’s Republican Governor Rick Snyder and Detroit’s Democratic Mayor Mike Duggan to revitalize the city in the post-bankruptcy era.
9:18 a.m. Judge Rhodes updated the remaining trial schedule: The city will present a handful of witnesses to substantiate the FGIC settlement tomorrow. Then Wednesday, the court’s expert witness will be on the stand. Closing arguments will be next week. Judge Rhodes will announce his opinion on plan confirmation the week of Nov. 3 9:10 […]
“The bankruptcy may soon be over. And then, of course, the really hard part, Detroit’s future, begins. Stay tuned,” says Jack Lessenberry, political commentator at Michigan Radio, our Detroit Journalism Cooperative partner. Here’s more of what he had to say about the FGIC settlement, the future waterfront development…and what it means.
This week’s announcement that Financial Guaranty Insurance Co. had settled its $1.4 billion claim with the city as part of the bankruptcy case was, obviously, big news. Here’s a roundup of what a variety of media outlets broadcast and published about it. Bloomberg’s Steven Church (based in Delaware) and Chris Christoff (based in Lansing) teamed […]
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.