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detroit bankruptcy

Detroit Bankruptcy Plan Pinches Pensions

Detroit Bankruptcy Plan Pinches Pensions   On July 18, 2013 the city of Detroit filed for Chapter 9 bankruptcy.  This is a legal status of a person or other party that cannot repay the debts it owes to creditors. Estimated at $18–20 billion, Detroit is the largest…>read more

No Comment February 24, 2014

Detroit to Big Banks: $165 Million is Too Expensive to Exit Swaps

Detroit to Big Banks: $165 Million is Too Expensive to Exit Swaps   Judge Steven Rhodes refused a deal to settle Detroit’s swap-exit between the city and big banks UBS/BOA. Judge Rhodes noted that the settlement to exit the interest-rate swap contracts actually costed taxpayers $202 million- and the deal to exit…>read more

No Comment January 16, 2014