The effort to torpedo a proposed settlement in the Detroit bankruptcy case could complicate chances for completing the deal, just as its prospects seemed to be improving.
Members of the public testify at a committee hearing in Lansing over Detroit’s “Grand Bargain” and the state’s possible $195-million contribution to the city’s bankruptcy plan.
Museum attorney Arthur O’Reilly said inspecting fragile art is risky.
Michigan lawmakers are considering legislation to provide state aid to help settle Detroit’s bankruptcy.
While there are many moving parts to the restructuring, the pension agreement is viewed as a centerpiece.
In all, 67,000 pensioners will decide if they agree with the four-and-a-half percent cut that the city says is necessary to move forward to solvency.
Lawmakers introduced legislation late Thursday to use about $195 million from Michigan’s savings account to help bankrupt Detroit.
“Kevyn Orr is in the governor’s office right now, calling in individual lawmakers, trying to explain why they need to vote yes,”
Two-thirds say it’s OK for Michigan to use $350 million in state money to help retirees.
The details were in Detroit’s latest strategy plan filed Monday.