Companies that insure Detroit bonds and stand to lose millions repeated a pledge to aggressively challenge the city’s bankruptcy plan, a day after retirees endorsed pension cuts and qualified for a bailout led by the state.
Trustees meeting Wednesday supported a deal reached Tuesday between negotiators and the city of Detroit.
Uniformed retirees would see no cuts to their pension benefits under an agreement between the city of Detroit and police and fire unions.
“How are we going to be able to recruit firefighters and police officers. How are we going to be able to retain firefighters and police officers?”
Creditors have until June 30 to vote on the plan, which — according to some — pits retirees against each other.
AFSCME Council 25 is reacting to the release of Kevyn Orr’s plan to dig Detroit out of debt.
The city will stop providing health insurance to retirees beginning March 1.
Likely Democratic gubernatorial nominee Mark Schauer says the state must help the Detroit pension fund — because it’s required by the Constitution.