Michigan’s Senate has approved spending $195 million to help shore up Detroit’s pension funds, a key legislative step in a deal designed to end the largest public bankruptcy in U.S. history.
Detroit’s emergency manager told a crowd at the Mackinac Policy Conference Friday he’s worried city workers and retirees considering a plan to prevent steep pension cuts will make a “protest vote.”
Michigan lawmakers are considering legislation to provide state aid to help settle Detroit’s bankruptcy.
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.
The details were in Detroit’s latest strategy plan filed Monday.
Kevyn Orr is in Lansing updating lawmakers on the city’s bankruptcy as they consider a potential vote on a financial bailout to help Detroit emerge from insolvency.
The spokesperson for Detroit’s Emergency Manager Kevyn Orr is thanking Hyundai for saving his life.
Detroit’s bankruptcy proceeding have delayed Mayor Mike Duggan’s budget address before the Detroit City Council.
A bankruptcy court filing from the city says negotiations have run their course.