• Login / register
  • Contact
    • Submission
  • Languages
    • عربي
    • Balkan (Serbo Croatian)
    • Deutsch
    • Español
    • РУССКИЙ
    • Türkce
  • About
  • Team
  • Donations
Friday, January 22, 2021
  • Login
  • Register
AMN - Al-Masdar News | المصدر نيوز
  • عربي
  • Syria
  • Iraq
  • Yemen
  • Africa
    • East Africa
    • North Africa
    • West Africa
  • Middle East
    • Lebanon
    • Palestine
    • Turkey
    • Iran
    • Gulf
  • World
    • Americas
    • Asia & Australia
    • Europe
  • In Depth
    • Interviews
    • Opinion
    • Podcasts
      • Interviews
    • Economy
No Result
View All Result
AMN - Al-Masdar News | المصدر نيوز
  • عربي
  • Syria
  • Iraq
  • Yemen
  • Africa
    • East Africa
    • North Africa
    • West Africa
  • Middle East
    • Lebanon
    • Palestine
    • Turkey
    • Iran
    • Gulf
  • World
    • Americas
    • Asia & Australia
    • Europe
  • In Depth
    • Interviews
    • Opinion
    • Podcasts
      • Interviews
    • Economy
No Result
View All Result
AMN - Al-Masdar News | المصدر نيوز
No Result
View All Result
Home Uncategorized

Detroit’s Historic Bankruptcy Trial to Begin

News Desk by News Desk
2014-09-02
in Uncategorized
Reading Time: 2min read
0
Detroit’s Historic Bankruptcy Trial to Begin

Detroit filed the largest municipal bankruptcy in U.S. history

0
SHARES
Share on FacebookShare on Twitter

Lawyers for Detroit will attempt to convince a federal judge at the city’s bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved, as the trial for the largest public bankruptcy filing in U.S. history begins.

After some delays, the start of the trial on Tuesday in U.S. District Court comes just over 13 months after Detroit became the largest U.S. city to file for bankruptcy.

The trial is an autopsy on what Michigan’s governor has called decades of ruinous financial decisions in the once-booming industrial hub of Detroit, combined with an exodus of people the population has dropped to 700,000 from 1.8 million and other social and economic factors. More than 70,000 homes have been targeted for demolition or are at-risk of becoming part of Detroit’s urban decay, according to a recent study.

ADVERTISEMENT

Detroit expects to cut $12 billion in unsecured debt to about $5 billion, which is “more manageable,” according to Bill Nowling, a spokesman for the city’s state-appointed emergency manager Kevyn Orr.

Most creditors, including more than 30,000 retirees and city employees, have endorsed the plan of adjustment put together by Orr and his restructuring team.

The plan includes commitments from the state, major corporations, foundations and others to donate more than $800 million over 20 years to soften cuts to city pensions. In return, pieces in the city—owned Detroit Institute of Arts would be placed into a trust to keep them from being sold to satisfy creditors.

General retirees would take a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise.

ALSO READ  IRGC commander warns enemies about targeting 3 strategic islands in the Gulf

The strongest opposition to the plan has come from bond insurers like New York-based Syncora Guarantee. Syncora has said its claim is about $400 million and that Detroit has unfairly discriminated against financial creditors.

“It has been a very fast-track bankruptcy, which Syncora has no issue with,” company attorney James Sprayregen said. “Syncora’s issue is the lack of transparency of the process and the unfair treatment of its claims.”

Bankruptcy Judge Steven Rhodes has scheduled additional hearing dates, if needed, into October. But in the end, bankruptcy expert Anthony Sabino expects Rhodes to approve Detroit’s bankruptcy plan followed by appeals from creditors.

Having problems with Twitter / Facebook / Parler etc?

AMN has set up an Mastodon node and invites you to join!
Click to join now!
Share this article:
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
Tags: DetroitUS
ShareTweetShare
News Desk

News Desk

The International News Desk reports on issues and events world wide.

Related Posts

Iran unveils its largest warship in new naval exercise: video

Iran launches large-scale military exercise during Trump’s last day in office

by News Desk
2021-01-19
0

BEIRUT, LEBANON (11:10 A.M.) - The Iranian Armed Forces launched their Al-Aqatdar-99 maneuvers off the coast of Makran on Tuesday,...

‘Our response to the assassination of Fakhrizadeh will be extremely painful’: Iran

Iran to reveal new ‘military achievements’ on Trump’s last day in office

by News Desk
2021-01-18
0

BEIRUT, LEBANON (12:10 P.M.) - The Chief of the General Staff of the Iranian Armed Forces, Mohammad Bagheri, announced on...

IRGC commander threatens to ‘create hell’ for Israel after downing of F-16

IRGC commander warns enemies about targeting 3 strategic islands in the Gulf

by News Desk
2021-01-03
0

BEIRUT, LEBANON (10:00 A.M.) - The commander of the Iranian Revolutionary Guard, Major General Hossein Salami, said on Saturday, during...

New clues reveal ‘surprise’ about assassination of Iranian nuclear scientist

Iran awards assassinated nuclear scientist Nasr Medal

by News Desk
2020-12-13
0

BEIRUT, LEBANON (11:40 P.M.) - The Supreme Leader of the Islamic Republic of Iran, Ali Khamenei, awarded nuclear scientist Mohsen...

Latest Articles

ISIS claims responsibility for twin suicide bombings in Iraq that killed over 30 civilians
Iraq

ISIS claims responsibility for twin suicide bombings in Iraq that killed over 30 civilians

by News Desk
12 hours ago
0

BEIRUT, LEBANON (12:10 P.M.) - The Islamic State (ISIS/ISIL/IS/Daesh) terrorist organization claimed responsibility for the twin suicide bombings in central...

Read more
New images show aftermath of Israeli strikes on western Syria
Syria

New images show aftermath of Israeli strikes on western Syria

by News Desk
12 hours ago
1

BEIRUT, LEBANOON (12:00 P.M.) - On Friday morning, at approximately 4:00 A.M. (Damascus Time), the Israeli Air Force launched a...

Read more
US and Israel strengthening coordination over possible Iranian attack: newspaper
Israel

Israeli warplanes strike western Syria from Lebanese territory

by News Desk
12 hours ago
2

BEIRUT, LEBANON (11:20 A.M.) - The Israeli Air Force launched a new round of strikes on Syria, targeting the Hama...

Read more
Iran shows off drone arsenal in 2021 hype video
Iran

Iran shows off drone arsenal in 2021 hype video

by News Desk
1 day ago
1

BEIRUT, LEBANON (11:40 P.M.) - In a new video that was shared on YouTube and social media this week, the...

Read more

AMN Partners

You Might have Missed

No Content Available
Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

AMN - Al-Masdar News | المصدر نيوز

Al-Masdar Al-‘Arabi (The Arab Source) is dedicated to providing the latest news and analysis from the Arab world.

Launched in August 2014, Al-Masdar News is an independent media service free from any political or corporate funding, sponsorship, or association. This allows us to report on current events free of any bias or prejudice.

Do Not Sell My Personal Information
  • About
  • Contact
  • Contributors & Staff
  • Donations
  • Policies

Copyright © 2014-2021 AMN - All Rights Reserved.

No Result
View All Result
  • عربي
  • Syria
  • Iraq
  • Yemen
  • Africa
    • East Africa
    • North Africa
    • West Africa
  • Middle East
    • Lebanon
    • Palestine
    • Turkey
    • Iran
    • Gulf
  • World
    • Americas
    • Asia & Australia
    • Europe
  • In Depth
    • Interviews
    • Opinion
    • Podcasts
      • Interviews
    • Economy
  • Login
  • Sign Up

Copyright © 2014-2021 AMN - All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In