Everything You Need To Know About Detroit’s Bankruptcy Settlement. Cookies are Not Accepted - New York Times. Detroit retirees and workers approve bankruptcy plan, agree to pension cuts. DETROIT, MI -- The city's employees and retirees have voted in favor of a bankruptcy plan that includes pension cuts to help reduce Detroit's debt by some $7 billion.
In a vote that took place over two months, about 82 percent of retirees and active workers in the Police & Fire Retirement System who submitted ballots voted in favor of the plan, while about 73 percent of General Retiree System voters said "yes," according to the city. "The voting shows strong support for the City's plan to adjust its debts and for the investment necessary to provide essential services and put Detroit on secure financial footing," said Detroit Emergency Manager Kevyn Orr in a statement issued late Monday night.
Detroit financial crisis. The city of Detroit has filed for Chapter 9 federal bankruptcy protection making it the largest city in U.S. history to declare bankruptcy.
We are updating this post as we learn more information. To see how the story unfolded scroll down and read up. Final update on this post - 3:08 p.m. And here we go - the beginning of a long line of likely court battles after the city of Detroit attempts to move through federal bankruptcy protection. Today, Ingham County judge Rosemary Aquilina issued orders saying Detroit's bankruptcy filing violates the state constitution. For Detroit, a Crisis Born of Bad Decisions and False Hope. Timeline Of Detroit’s Financial Crisis. DETROIT (AP) — A timeline of Detroit’s financial troubles: — Detroit issues $1.44 billion of new debt in the form of pension obligation certificates to fund the city’s two retirement systems.
A 30-year repayment schedule is negotiated.