Kevyn Orr http://michiganradio.org en Bankruptcy case delays Detroit's usual budget process http://michiganradio.org/post/bankruptcy-case-delays-detroits-usual-budget-process <p>Detroit’s bankruptcy case is throwing a wrench in the city’s usual budget process.</p><p>Detroit Mayor Mike Duggan didn’t give his charter-mandated city budget address as scheduled Monday.</p><p>Rather, officials told City Council members that Detroit needs to update its plan of adjustment first. That’s the city’s restructuring blueprint for getting through bankruptcy.</p><p>Detroit chief financial officer John Hill said that since the plan will shape the city budget, it doesn’t make sense start talking now.</p> Tue, 15 Apr 2014 03:20:36 +0000 Sarah Cwiek 17227 at http://michiganradio.org Bankruptcy case delays Detroit's usual budget process Detroit bankruptcy judge ok's swaps settlement; says "now is the time to negotiate" http://michiganradio.org/post/detroit-bankruptcy-judge-oks-swaps-settlement-says-now-time-negotiate <p>Judge Steven Rhodes approved a key settlement in Detroit’s historic bankruptcy case Friday.</p><p>The deal will <a href="http://www.detroitnews.com/article/20140411/METRO01/304110047/Judge-OKs-85M-Detroit-debt-deal-2-banks?odyssey=tab|topnews|text|FRONTPAGE">settle a costly interest-rate swaps agreemen</a>t with two banks, UBS and Bank of America, for $85 million.</p><p>Emergency manager Kevyn Orr has pushed hard for such a deal. Detroit had guaranteed the swaps with casino revenue, and paid out about $200 million since 2009.</p> Sat, 12 Apr 2014 01:11:17 +0000 Sarah Cwiek 17213 at http://michiganradio.org Detroit bankruptcy judge ok's swaps settlement; says "now is the time to negotiate" Detroit bondholders will be paid 74 cents on the dollar; working women can relate http://michiganradio.org/post/detroit-bondholders-will-be-paid-74-cents-dollar-working-women-can-relate <p></p><p></p><p><span style="line-height: 1.5;">If you heard my commentary yesterday on the latest in the Detroit bankruptcy battles, I began with the news that the city had reached a deal with the holders of its general obligation bonds.</span></p><p>All we knew then was that an agreement had been reached, and I said the bondholders were, to quote myself, “evidently going to settle for less than 20 cents on every dollar owed them.”</p><p>Well, I was astonishingly far off.</p><p>In fact, they ended up settling for 74 cents for every dollar. But there is a reason why I was so wrong.</p> Thu, 10 Apr 2014 14:14:38 +0000 Jack Lessenberry 17176 at http://michiganradio.org Detroit bondholders will be paid 74 cents on the dollar; working women can relate Breakthrough settlement announced in Detroit bankruptcy case http://michiganradio.org/post/breakthrough-settlement-announced-detroit-bankruptcy-case <p>Mediators in Detroit’s bankruptcy case have made a potentially huge breakthrough with some of the city’s bondholders.</p><p>Bondholders are one of the city’s biggest groups of unsecured creditors.</p><p>That means they’re also one of the most important groups for emergency manager Kevyn Orr to get on board with his plan of adjustment, and avoid a protracted legal battle that could bog the city down in bankruptcy court for months or years.</p><p>Now, negotiators for the city and three major bond insurers have announced a settlement deal.</p> Wed, 09 Apr 2014 15:43:24 +0000 Sarah Cwiek 17160 at http://michiganradio.org Breakthrough settlement announced in Detroit bankruptcy case Key ruling expected this week in Detroit bankruptcy http://michiganradio.org/post/key-ruling-expected-week-detroit-bankruptcy <p><span style="line-height: 1.5;">J</span>udge Steven Rhodes will make a major ruling in Detroit’s ongoing bankruptcy case this week.</p><p>Rhodes will decide whether the city can settle an interest-rate swaps deal with two major banks for $85 million.</p><p>Detroit had hoped to hedge against interest rates rising when it entered into the swaps deal on some city pension debt in 2006.</p><p>But interest rates fell to nearly 0, and Detroit has been forced to shell out about $200 million to UBS and Bank of America since 2009.</p> Mon, 07 Apr 2014 09:30:00 +0000 Sarah Cwiek 17124 at http://michiganradio.org Key ruling expected this week in Detroit bankruptcy Detroit bankruptcy struggle now affects Water and Sewerage Department http://michiganradio.org/post/detroit-bankruptcy-struggle-now-affects-water-and-sewerage-department <p>The spotlight of the Detroit bankruptcy struggle is widening. From the DIA&nbsp;to the retirees and now to water.</p><p>As the clock ticks, emergency manager Kevyn Orr has fired the latest salvo in the increasingly testy talks with county representatives over the future of the Detroit Water and Sewerage Department.</p><p>Detroit News business columnist Daniel Howes joined us today to discuss the issue.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 03 Apr 2014 20:53:54 +0000 Stateside Staff 17089 at http://michiganradio.org Detroit bankruptcy struggle now affects Water and Sewerage Department Orr turns up the heat on Detroit pensioners; they push back http://michiganradio.org/post/orr-turns-heat-detroit-pensioners-they-push-back <p>Detroit pensioners are trying to turn up the heat on emergency manager Kevyn Orr Tuesday – just as he’s doing the same thing to them.</p><p>Protesters <a href="http://www.freep.com/article/20140401/NEWS01/304010160/Detroit-bankruptcy-pensions-cuts">filled the street in front of Detroit’s federal courthouse </a>on Tuesday to slam Orr’s proposed cuts to city pensions.</p><p>Orr filed a revised version of his bankruptcy restructuring plan there Monday. An earlier version, known formally as a plan of adjustment, was filed in February.</p> Wed, 02 Apr 2014 02:04:27 +0000 Sarah Cwiek 17070 at http://michiganradio.org Orr turns up the heat on Detroit pensioners; they push back Here's a short list of the 8 Detroit creditors who will win and lose the most http://michiganradio.org/post/heres-short-list-8-detroit-creditors-who-will-win-and-lose-most <p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">Long before Detroit Emergency Manager Kevyn Orr rolled out his proposal in February for paying back the city’s creditors, bankruptcy experts knew the pain would not be spread evenly.</span><br style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;" /><br style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;" /><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">Because so much of t Thu, 27 Mar 2014 16:11:43 +0000 Mike Wilkinson 16998 at http://michiganradio.org Here's a short list of the 8 Detroit creditors who will win and lose the most Detroit's emergency manager on bankruptcy developments http://michiganradio.org/post/detroits-emergency-manager-bankruptcy-developments <p></p><p>On the one-year anniversary of his appointment, Detroit’s emergency manager spoke about the latest developments in the city's bankruptcy in a speech at the University of Michigan.</p><p>One thing in the works is getting a $120 million loan from Barclays of London. A state board approved the loan today. The Detroit City Council also approved the deal, despite concerns that the money might be used to pay big-money bankruptcy consultants. But, emergency manager Kevyn Orr says, ‘not so.’</p> Wed, 26 Mar 2014 00:55:45 +0000 Lester Graham 16975 at http://michiganradio.org Detroit's emergency manager on bankruptcy developments Lease proposal: Joe Louis Arena to be darkened, demolished after Red Wings leave http://michiganradio.org/post/lease-proposal-joe-louis-arena-be-darkened-demolished-after-red-wings-leave <p>The Detroit Red Wings’ owners will keep renting Joe Louis arena through at least 2015, according to a proposed lease presented to the Detroit City Council Tuesday.</p><p>City officials have already cleared the way for the Red Wings’ owners, Mike and Marian Ilitch, to build a new arena complex for the hockey team.</p><p>But the question remains about what to do with Joe Louis Arena, which the city of Detroit owns. Right now, the two sides are retroactively negotiating a lease agreement that expired in 2010.</p> Wed, 19 Mar 2014 09:00:00 +0000 Sarah Cwiek 16892 at http://michiganradio.org Lease proposal: Joe Louis Arena to be darkened, demolished after Red Wings leave Kevyn Orr reflects on his past year as Detroit's Emergency Manager http://michiganradio.org/post/kevyn-orr-reflects-his-past-year-detroits-emergency-manager <p><span style="line-height: 1.5;">It's Thursday. Time for our weekly check-in with Detroit News Business Columnist Daniel </span>Howes<span style="line-height: 1.5;">.</span></p><p>It’s hard to believe it will be one year ago tomorrow that Kevyn Orr was appointed Detroit's Emergency Manager. Orr sat down to talk to the Detroit News. What does he say about these past 12 months?</p><p>Daniel Howes joined us today.</p><p><em>Listen to the full interview above.</em></p><p> Fri, 14 Mar 2014 02:48:43 +0000 Stateside Staff 16839 at http://michiganradio.org Kevyn Orr reflects on his past year as Detroit's Emergency Manager Detroit bankruptcy reorganization plan in place; what's the next move for stakeholders? http://michiganradio.org/post/detroit-bankruptcy-reorganization-plan-place-whats-next-move-stakeholders <p>It's been five days since emergency manager Kevyn Orr released the bankruptcy reorganization blueprint, which maps out a way to wipe out billions in debt, spend over half a billion in tearing down abandoned buildings and invest one billion to improve city services.</p><p>Now that all stakeholders have had a chance to digest the blueprint, the battle lines are being drawn.</p><p>Detroit Free Press columnist Rochelle Riley joined us today to give us a look ahead.</p><p><em>Listen to the full interview above.</em></p><p> Tue, 25 Feb 2014 21:25:02 +0000 Stateside Staff 16601 at http://michiganradio.org Detroit bankruptcy reorganization plan in place; what's the next move for stakeholders? Stateside for Tuesday, Feb. 25, 2014 http://michiganradio.org/post/stateside-tuesday-feb-25-2014 <p>We've almost all done it – you might have even done it just today: Made a purchase online.<br /><br />But have you ever wondered why you have to pay sales tax on online purchases from some retailers like Target, but not others, like Amazon? There's new legislation in Lansing that might change that. We found out more on today's show.</p><p>Then, close your eyes. Now, picture a farmer. What comes to mind? You probably pictured a man, but more women are raising crops now in Michigan. We took a look at what's behind the rise in female farmers.</p><p>And, it was the most infamous event of one of the most painful and divisive times in Michigan's history. A new play at the Charles H. Wright Museum of African American History explores the Algiers incident which occurred during the Detroit riots.&nbsp;</p><p>First on the show, i<span style="line-height: 1.5;">t's been five days since emergency manager Kevyn Orr released the bankruptcy reorganization blueprint, which maps out a way to wipe out billions in debt, spend over half a billion in tearing down abandoned buildings and invest $1 billion to improve city services.</span></p><p>Now that all stakeholders have had a chance to digest the blueprint, the battle lines are being drawn.</p><p>Detroit Free Press columnist Rochelle Riley joined us today to give us a look ahead.</p><p> Tue, 25 Feb 2014 21:19:05 +0000 Stateside Staff 16603 at http://michiganradio.org Stateside for Tuesday, Feb. 25, 2014 Detroit's infrastructure crumbling while city has trouble collecting cash http://michiganradio.org/post/detroits-infrastructure-crumbling-while-city-has-trouble-collecting-cash <p><span style="line-height: 1.5;">The plan to guide Detroit out of bankruptcy includes up to $150 million a year for ten years to repair neglected infrastructure. &nbsp;The city could go a long way in paying for that if it can find a way to collect money already owed to it.</span></p><p>The Compuware World Headquarters building at Campus Martius is a gleaming example of a downtown revival.</p><p>But last week, just down the block, the façade of revival was peeled back for a moment. An old water pipe broke.</p><p> Mon, 24 Feb 2014 12:00:00 +0000 Lester Graham 16535 at http://michiganradio.org Detroit's infrastructure crumbling while city has trouble collecting cash What do local leaders think about Detroit's bankruptcy now? http://michiganradio.org/post/what-do-local-leaders-think-about-detroits-bankruptcy-now <p>Detroit Emergency Manager Kevyn Orr has submitted a so-called “plan of adjustment” to Detroit creditors.</p><p>It’s been about six months since Orr filed for Chapter 9 bankruptcy for the city.</p><p>So, more than half a year later, what do local leaders in Michigan think about the bankruptcy?</p><p>Tom Ivako&nbsp;joined us today. He’s with the Center for Local, State and Urban Policy at the University of Michigan.</p><p><em>*Listen to the audio above.</em></p><p> Mon, 03 Feb 2014 22:29:17 +0000 Stateside Staff 16288 at http://michiganradio.org What do local leaders think about Detroit's bankruptcy now? Detroit's City Council might prolong state control http://michiganradio.org/post/detroits-city-council-might-prolong-state-control <p></p><p>If you own a hotel, this is a good week to be in Detroit, where thousands of journalists and auto industry people are flocking to town for the North American International Auto Show.</p><p>Hopefully this will bring some good publicity for the city, which badly needs it. Last week was a setback, especially in terms of city government. But I think most people don’t realize how damaging it was. More on this in a moment.</p><p>But first, this will be the first time ever that the auto show will be in a Detroit where the mayor is not the most powerful figure. Today, that would be emergency manager Kevyn Orr.</p><p>A week ago, we would have figured this was an anomaly, and that next year, Mayor Mike Duggan would be ready to welcome the auto buffs to a normal city where the elected officials were fully in charge. Now, however, that’s not so certain.</p><p> Mon, 13 Jan 2014 13:45:19 +0000 Jack Lessenberry 15993 at http://michiganradio.org Detroit's City Council might prolong state control Orr's plan for Detroit delayed http://michiganradio.org/post/orrs-plan-detroit-delayed <p>DETROIT (AP) - Detroit's state-appointed emergency manager is delaying the release of his plan to shepherd the city through bankruptcy.<br /><br />A spokesman for Kevyn Orr told The Associated Press on Thursday that no new date is being given for the report's release because the city is continuing mediation with creditors.<br /><br />Orr had said he'd submit his plan to a federal bankruptcy judge in early January. The court-imposed deadline is mid-March.<br /> Fri, 10 Jan 2014 02:50:27 +0000 The Associated Press 15966 at http://michiganradio.org Orr's plan for Detroit delayed Detroit emergency manager "freezes" pension benefits, then backs off -- temporarily http://michiganradio.org/post/detroit-emergency-manager-freezes-pension-benefits-then-backs-temporarily <p>Detroit emergency manager Kevyn Orr moved to “freeze” pension benefits for some city retirees — then suspended that action as the city and pension fund representatives talk in mediation.</p><p>Orr quietly <a href="http://www.detroitnews.com/article/20140106/METRO01/301060062/Orr-temporarily-halts-pension-freeze-allow-more-time-mediation?odyssey=mod|breaking|text|FRONTPAGE">issued that order late last month</a>. It affects members of Detroit’s General Retirement System—not police officers or firefighters, who have their own, separate pension fund.</p><p> Tue, 07 Jan 2014 10:00:00 +0000 Sarah Cwiek 15909 at http://michiganradio.org Detroit emergency manager "freezes" pension benefits, then backs off -- temporarily Duggan sworn in as Detroit's 75th mayor http://michiganradio.org/post/duggan-sworn-detroits-75th-mayor <p><span style="line-height: 1.5;">Wasting no time, Mike </span>Duggan<span style="line-height: 1.5;"> was officially sworn in as Detroit’s 75th mayor on New Year’s Day.</span></p><p>Duggan took the oath in a small interoffice ceremony, surrounded by his family.</p><p>He comes into office as Detroit’s fate hangs in the balance in bankruptcy cout, with his mayoral powers limited by emergency manager Kevyn Orr.</p><p>Orr and Duggan have a power-sharing agreement that gives the mayor control of most day-to-day city operations. Duggan says he’ll do what he can with that.</p> Wed, 01 Jan 2014 22:01:19 +0000 Sarah Cwiek 15856 at http://michiganradio.org Duggan sworn in as Detroit's 75th mayor Duggan, Orr reach power-sharing agreement in Detroit http://michiganradio.org/post/duggan-orr-reach-power-sharing-agreement-detroit <p>Detroit mayor-elect Mike Duggan will have broad powers to run the city’s day-to-day business.</p><p>Duggan and emergency manager Kevyn Orr have <a href="http://www.freep.com/article/20131219/NEWS01/312190176/duggan-oversight-detroit-orr">reached a power-sharing agreement</a> that gives Duggan control over most city functions.</p><p>While Duggan will have substantial operational powers, he’s also promised not to “interfere” with any of Orr’s financial control.</p> Fri, 20 Dec 2013 11:00:00 +0000 Sarah Cwiek 15770 at http://michiganradio.org Duggan, Orr reach power-sharing agreement in Detroit