Municipal Bankruptcy
Scarinci Hollenbeck’s Bankruptcy and Creditors' Rights practice group regularly provides content on municipalities. Our content provides insight on dealing with township and municipality bankruptcy issues.
Detroit’s Bankruptcy Leads To Major Pension Funding Crisis
Date: July 20, 2015
After the largest municipal bankruptcy filing in U.S. history, the Detroit government is struggling for a solution to make payments on what is consdiered a major pension funding crisis. While the $18 billion debt sent the city into a free fall to insolvency, there is now a growing concern about unfunded pensions for retirees and […]
Detroit Emerges From Bankruptcy
The city of Detroit emerged from bankruptcy on Dec. 10, closing a painful chapter in its history and opening the door to a potentially brighter future. Detroit marked the largest municipal bankruptcy in American history, according to The New York Times. Its historic bankruptcy filing lasted a total of 17 months – relatively short compared […]
Objections raised over Detroit bankruptcy plan
The political disputes over Detroit’s restructuring plans were brought sharply into focus May 12, when 15 objections to the city’s debt adjustment plan were filed in bankruptcy court. Objections were filed by creditors, residents, Oakland and Macomb counties and, most notably, by the United States government, according to MLive. The U.S. Department of Housing and […]
No Pension Cuts For Detroit’s Uniformed Retirees
One of the biggest obstacles to the successful resolution of the Detroit bankruptcy filing so far has been opposition from pensioners, who represent a significant portion of the city’s debt. In an unexpected announcement April 15, Gerald Rosen, Detroit’s bankruptcy mediator, revealed that the city has reached a deal with the Retired Detroit Police and Fire […]
