A Michigan loan board has approved Detroit’s proposal for up to a $350 million loan from Barclays Capital to help pay off some pension debt.
“Orr testified earlier that if the city doesn’t get that money, it could to be in bad, bad shape.”
This special presentation features exclusive perspectives from the people playing key roles in the rebuilding of the city as the history-making developments continue to unfold.
A crucial decision that keeps Detroit in bankruptcy court and puts pensions at risk can immediately be appealed to a higher court, a judge said Monday.
Over 500 lawsuits filed against the City of Detroit could be settled, or at least moved forward, when U.S. Bankruptcy Judge Steven Rhodes holds a hearing to discuss progress on those lawsuits.
“We get asked all the time – ‘why Detroit?’” said Bock about its decision to locate its headquarters and manufacturing in the Motor City.
Orr said 26,000 lights have been added or fixed, police are responding more quickly to 911 calls and efforts to clear vacant houses have stepped up.
“I’m 81 years old, and I need every penny that I can get, and that I do get.”
Belle Isle is getting a major makeover before being turned over to state management in February.
A former Detroit university professor is pledging $5 million, hoping it will spark a wildfire of private financial support to protect valuable art from being sold to pay creditors in the city’s bankruptcy.