Detroit bankruptcy http://michiganradio.org en With deals made with creditors, what's next in Detroit's bankruptcy? http://michiganradio.org/post/deals-made-creditors-whats-next-detroits-bankruptcy <p></p><p>It's turning into a momentous week in Detroit's quest to exit bankruptcy.</p><p>First came a deal with two global banks: UBS and Bank of America.</p><p>Then, <a href="http://michiganradio.org/post/detroit-bankruptcy-mediators-announce-deal-police-and-fire-pensions">an agreement</a> with leaders of Detroit's retired police and firefighters.</p><p>That was followed late yesterday by a settlement with the remaining Detroit retirees.</p><p>Daniel Howes, a business columnist with The Detroit News, talks with us about the next challenges in the Detroit bankruptcy saga.</p><p> Wed, 16 Apr 2014 19:43:52 +0000 Stateside Staff 17254 at http://michiganradio.org With deals made with creditors, what's next in Detroit's bankruptcy? You don’t want to play poker with Kevyn Orr http://michiganradio.org/post/you-don-t-want-play-poker-kevyn-orr <p></p><p>Here’s the one thing certain about Detroit’s bankruptcy: You don’t want to play poker with Kevyn Orr.</p><p>The state-appointed emergency manager had everyone convinced city workers and retirees were facing a steep 26% cut in their pensions – a cut that would jump to 34% if they didn’t quickly approve the smaller amount.</p><p>The city was getting ready to mail them all ballots explaining the cuts and asking for their approval.</p><p>Then,&nbsp;<a href="http://www.merriam-webster.com/dictionary/voil%C3%A0">voilà</a>&nbsp;– yesterday, everything changed. Suddenly, negotiators came up with a deal whereby most pensions would be cut by less than 5%. Police and fire retirees pensions won’t be cut at all.</p><p>There seems little doubt that the 32,000 employees and retirees will approve this deal. Yet we need to remember two things. First of all, this is not final yet – not by a long shot.</p><p>Something else that’s still very uncertain has to happen first. The Michigan Legislature has to approve contributing $350 million to a fund designed to shore up the pensions and protect any of the work in the city-owned collections in the Detroit Institute of Arts from being possibly sold for the benefit of the creditors. Wed, 16 Apr 2014 15:29:13 +0000 Jack Lessenberry 17250 at http://michiganradio.org You don’t want to play poker with Kevyn Orr Detroit bankruptcy: No pension cuts for police and fire retirees http://michiganradio.org/post/detroit-bankruptcy-no-pension-cuts-police-and-fire-retirees <p></p><p>A major piece of the Detroit bankruptcy puzzle fell into place today.</p><p>The city reached a deal with the group representing Detroit's police and fire retirees. The deal means no cuts to monthly pension checks for retired officers and firefighters.&nbsp;</p><p>We were joined by Michigan Radio's Sarah Cwiek in Detroit.&nbsp;</p><p><em>Listen to the full interview above.&nbsp;</em></p> Tue, 15 Apr 2014 20:54:06 +0000 Stateside Staff 17239 at http://michiganradio.org Detroit bankruptcy: No pension cuts for police and fire retirees Detroit bankruptcy mediators announce a deal with police and fire pensions http://michiganradio.org/post/detroit-bankruptcy-mediators-announce-deal-police-and-fire-pensions <p><span style="line-height: 1.5;">Mediators for the federal court overseeing Detroit's Chapter 9 bankruptcy&nbsp;say&nbsp;a deal has been reached between the city of Detroit and&nbsp;</span><span style="line-height: 1.5;">the Retired Detroit Police and Fire Fighters Association over&nbsp;</span><span style="line-height: 1.5;">pension and health benefits.</span></p><p><span style="line-height: 1.5;">The deal calls for no cuts to current pension benefits, but does cut future "cost of living" increases in their benefits.</span></p> Tue, 15 Apr 2014 17:07:19 +0000 Mark Brush 17234 at http://michiganradio.org Detroit bankruptcy mediators announce a deal with police and fire pensions 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 The week in review http://michiganradio.org/post/week-review-31 <p> This <em>Week in Review</em>, Rina Miller and Jack Lessenberry discuss <a href="http://michiganradio.org/post/detroit-bondholders-will-be-paid-74-cents-dollar-working-women-can-relate">the latest with the Detroit bankruptcy</a>, the continuing <a href="http://michiganradio.org/post/gm-puts-two-engineers-paid-leave-wake-ignition-switch-problem">controversies over the General Motors recall</a>, and the money problems involving the charter school system running <a href="http://michiganradio.org/post/muskegon-heights-school-system-continues-its-struggle-meet-payroll-asks-state-more-money">Muskegon Heights schools</a>.</p><p> Sat, 12 Apr 2014 12:57:00 +0000 Jack Lessenberry & Rina Miller 17206 at http://michiganradio.org The week in review 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 bankruptcy case, bondholders and the future of the DIA http://michiganradio.org/post/detroit-bankruptcy-case-bondholders-and-future-dia <p></p><p><span style="line-height: 1.5;">It’s Thursday, the day we talk Michigan politics with Ken </span>Sikkema<span style="line-height: 1.5;">, former Senate Majority Leader and senior policy fellow at Public Sector Consultants, and Susan </span>Demas<span style="line-height: 1.5;">, publisher of Inside Michigan Politics.</span></p><p>This week, host Jennifer White discusses the latest developments in the Detroit bankruptcy case and examines the implications.</p><p><span style="line-height: 1.5;">There was a significant breakthrough yesterday. A settlement was announced between the city of Detroit and three major bond insurers. The insurers will get about 74 cents on the dollar, a significant increase from what emergency manager </span>Kevyn<span style="line-height: 1.5;"> Orr originally offered, and the roughly $50 million in savings will go to support retirees.</span></p><p><span style="line-height: 1.5;">The question now is whether retirees will accept further cuts to their pensions, given the fact that Gov. Rick Snyder has stated that the state will not put any money forward unless the retirees agree to cuts. Ken </span>Sikkema<span style="line-height: 1.5;"> says it's imperative that retirees back the plan.</span></p><p> Thu, 10 Apr 2014 21:31:26 +0000 Michigan Radio Newsroom 17195 at http://michiganradio.org Detroit bankruptcy case, bondholders and the future of the DIA The latest developments between the DIA, Detroit pensioners, and creditors http://michiganradio.org/post/latest-developments-between-dia-detroit-pensioners-and-creditors <p></p><p>There have been two big developments this week in the high-stakes showdown over Detroit's pensioners, its art treasures and creditors who hope bankruptcy judge Steven Rhodes will pressure the city to put those art treasures on the table.</p><p>There's a lot to try to sort out. So, as we do each Thursday, we spoke to Detroit News business columnist Daniel Howes.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 10 Apr 2014 21:13:40 +0000 Stateside Staff 17186 at http://michiganradio.org The latest developments between the DIA, Detroit pensioners, and creditors Stateside for Thursday, April 10, 2014 http://michiganradio.org/post/stateside-thursday-april-10-2014 <p></p><p>The average gas mileage of new vehicles sold in the U.S. has steadily been improving, and greenhouse gas emissions are at an all-time low. The Environmental Protection Agency also recently set new emissions standards, scheduled to be phased in between 2017 and 2025, that will reduce the amount of sulfur found in gasoline.</p><p>B<span style="line-height: 1.5;">ut is the slow and steady climb in fuel economy and emissions enough? On today’s show, we ask if the Obama administration's 2016 and 2025 fuel efficiency goals setting the bar too low?</span></p><p>Then, a new documentary film brings us the story of the Great Lakes as seen through its ice.</p><p>And, last month, Gov. Snyder confirmed a financial emergency existed in Royal Oak Township. Can other communities learn from Royal Oak’s situation?</p><p>Also, the Share Art Project is a collaborative effort among artists at the Buckham Gallery, students and the Genesee Valley Regional Center. We spoke to a Buckham board member about the program and an upcoming exhibit.</p><p>First on the show, t<span style="line-height: 1.5;">here have been two big developments this week in the high-stakes showdown over Detroit's pensioners, its art treasures and creditors, who hope bankruptcy judge Steven Rhodes will pressure the city to put those art treasures on the table.</span></p><p>There's a lot to try to sort out. So, as we do each Thursday, we spoke to Detroit News business columnist Daniel Howes.</p><p> Thu, 10 Apr 2014 21:10:35 +0000 Stateside Staff 17192 at http://michiganradio.org Stateside for Thursday, April 10, 2014 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 Bond insurer ups the ante in battle over the Detroit Institute of Arts http://michiganradio.org/post/bond-insurer-ups-ante-battle-over-detroit-institute-arts <p>One group who stands to lose a lot in Detroit’s bankruptcy has upped the ante in the battle over the Detroit Institute of Arts.</p><p>The Financial Guaranty Insurance Corporation, a major bond insurer, has gone out and solicited bids for the museum’s assets.</p><p>And in papers filed in federal bankruptcy court Wednesday, FGIC <a href="http://www.detroitnews.com/article/20140409/METRO01/304090074/Bond-insurer-bankruptcy-case-has-several-bids-Detroit-s-DIA-artwork">said it’s received four tentative bids</a> for the museum’s assets, or portions of them.</p><p>The bidders include:</p> Thu, 10 Apr 2014 10:00:00 +0000 Sarah Cwiek 17175 at http://michiganradio.org Bond insurer ups the ante in battle over the Detroit Institute of Arts If you think the Detroit Institute of Arts is now safe, think again http://michiganradio.org/post/if-you-think-detroit-institute-arts-now-safe-think-again <p><span style="line-height: 1.5;">If you aren’t following every twist and turn in the saga of Detroit’s bankruptcy, you may think things are well on track.</span></p><p><span style="line-height: 1.5;">Today, in fact, came the good news that the city has apparently reached a deal with its unsecured bondholders, who are evidently going to settle for almost 75 cents of every dollar owed them.&nbsp;</span></p><p>But the biggest and toughest challenges are ahead.</p><p>And if you think the Detroit Institute of Arts is now safe, think again.</p><p>Here is how things stand:</p><p> Wed, 09 Apr 2014 18:10:51 +0000 Jack Lessenberry 17155 at http://michiganradio.org If you think the Detroit Institute of Arts is now safe, think again 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 The week in Michigan politics http://michiganradio.org/post/week-michigan-politics-52 <p></p><p></p><p></p><p>This <em>Week in Michigan Politics, </em>Emily Fox and Jack Lessenberry discuss the state of education in Michigan, an update on the Detroit bankruptcy and the race to fill four seats from Michigan's congressional delegation.</p><p></p><p></p><p> Wed, 09 Apr 2014 14:28:49 +0000 Jack Lessenberry & Emily Fox 17156 at http://michiganradio.org The week in Michigan politics Stateside for Tuesday, April 8, 2014 http://michiganradio.org/post/stateside-tuesday-april-8-2014 <p><span style="line-height: 1.5;">A former Republican state representative says he was on the "wrong side of history" when he opposed same-sex marriage during his time in Lansing 10 years ago. On today's show, Chris Ward, former representative from Genoa County talked about the gay marriage ban and the future of the Republican Party.</span></p><p>Then, we spoke with a very talented Flint rapper about his music and raising the profile of the Flint community.</p><p><br />We heard from writer Deidre Stevens about the Ca-Choo Club, a very unique way to attract allergy sufferers to Sault Ste. Marie.</p><p>Also, a<span style="line-height: 1.5;">s Michigan's Aug. 5 primary and November election draw closer, there are some very tight races shaping up. W</span><span style="line-height: 1.5;">ho are the voters who could most influence the outcome of these races, depending upon whether they stay home or go to the polls?</span></p><p>First on the show, y<span style="line-height: 1.5;">esterday was the deadline to file objections to the disclosure statement spelling out Detroit's plan to climb out of its bankruptcy hole.</span></p><p>And yes, objections poured in – long lists of objections to the disclosure statement.</p><p>Detroit News reporter Chad Livengood joined us today to tell us who's objecting, why, and what comes next.</p><p> Tue, 08 Apr 2014 20:10:27 +0000 Stateside Staff 17150 at http://michiganradio.org Stateside for Tuesday, April 8, 2014 Who objected to Detroit's disclosure statement? http://michiganradio.org/post/who-objected-detroits-disclosure-statement <p>Yesterday was the deadline to file objections to the disclosure statement spelling out Detroit's plan to climb out of its bankruptcy hole.</p><p>And yes, objections poured in – long lists of objections to the disclosure statement.</p><p>Detroit News reporter Chad Livengood joined us today to tell us who's objecting, why, and what comes next.</p><p><em>Listen to the full interview above.</em></p><p> Tue, 08 Apr 2014 19:50:09 +0000 Stateside Staff 17145 at http://michiganradio.org Who objected to Detroit's disclosure statement? 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 The week in Michigan politics http://michiganradio.org/post/week-michigan-politics-51 <p></p><p>This <em>Week in Michigan Politics, </em>Jack Lessenberry and Christina Shockley discuss<a href="http://michiganradio.org/post/michigan-will-be-weaker-washington-we-ve-been-ages"> the impact of a fourth member of the state's congressional delegation who won't seek re-election</a>, <a href="http://michiganradio.org/post/michigans-medicaid-expansion-goes-effect-today">Medicaid expansion</a>, President Obama's trip to Michigan to talk about the minimum wage, and <a href="http://michiganradio.org/post/orr-turns-heat-detroit-pensioners-they-push-back">Detroit's latest plan for bankruptcy</a>.</p><p></p><p> Wed, 02 Apr 2014 12:24:05 +0000 Jack Lessenberry, Christina Shockley & Emily Fox 17071 at http://michiganradio.org The week in Michigan politics 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