As we anticipate the release of the city’s Plan of Adjustment in the coming week, here are five stories from the weekend that Next Chapter Detroit doesn’t want readers to miss:
In advance of the city’s restructuring plan, expected in court this week, Stephen Henderson, editorial page editor at the Detroit Free Press, predicts: “If Detroit’s emergency manager has his way, the city will walk from nearly 80% of its debt to banks and insurers. Most important, he will treat bondholders, including those whose debt has never been subject to principal write-downs in a bankruptcy, the same as every other lender.”
The New York Times “Vocation” feature talked with a Detroit police officer about what it’s like to patrol the streets of the bankrupt city and live with the uncertainty of the city’s future finances.
The American Enterprise Institute weighs in on the history and future of Detroit’s pension systems and concludes, in part: “It’s hard to know what should be done about Detroit’s pensioners, many of whom would truly be impoverished if subjected to major benefit cuts. But the conventional morality play painting Detroit’s employees as mere bystanders to the city’s fiscal bankruptcy is clearly wrong.” AEI will host a panel discussion in Washington D.C. Tuesday afternoon titled “The Detroit Bankruptcy: Conflicts and implications” that will stream online. More information at: www.aei.org/events/2014/02/18/the-detroit-bankruptcy-conflicts-and-implications/
The Wall Street Journal provides a succinct explanation of what U.S. District Court Chief Judge Gerald Rosen is doing behind the scenes of the bankruptcy negotiations.
Have you wondered exactly how the Detroit Blight Authority is mapping all the city’s properties? Crain’s Detroit Business profiles Loveland Technologies Inc., the new company with new technology … and a new approach.
-By WDET’s Sandra Svoboda
@WDETSandra and email@example.com