Orr’s debt restructuring plan, in which deals have already been reached with most creditors, sets aside $1.7 billion for improving city services.
Businessman Dan Gilbert has testified during Detroit’s bankruptcy trial that the city’s high crime rate, poor school system, unemployment and blighted neighborhoods are its major challenges.
Disappointing news for Detroit residents who were hoping for a moratorium on unpaid water bills …
The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials while retaining the state-appointed emergency manager to oversee bankruptcy matters until they are resolved.
Critics of the shutoffs say public health and children’s welfare are at risk in homes without water, arguing that “every resident has the inherent right to free water.”
Detroit and bond insurer Syncora finished the deal announced last Tuesday to settle over $400 million in claims.
Despite its controversial genesis of Michigan taking over Belle Isle as a state park amid Detroit’s bankruptcy last year, the end result has been positive.
A judge has suspended Detroit’s bankruptcy trial until Monday to give the city more time to work out details of a settlement with a major creditor.
The joint filing by the city and bond insurer Syncora Guarantee said that they “have reached an agreement in principle” to settle the company’s $400 million claim in the nation’s largest-ever municipal bankruptcy case.
Detroit’s computer system is “beyond fundamentally broken” and years behind the latest software, the city’s new technology chief told a bankruptcy judge Monday.