The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees.
“This is a settlement. This is not a bailout, and I want to be very, very clear about that,” the governor said.
A petition has been filed in the Court of Appeals against Judge Rhodes’ eligibility ruling.
People as far away as the United Kingdom have come forward offering donations to the bankrupt city of Detroit.
Detroit is steering thousands of city workers into 401(k)-style retirement accounts and freezing their accrued pension benefits.
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.
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.
“I’m 81 years old, and I need every penny that I can get, and that I do get.”
“Do I need to sell my house? Can I afford to live in a nursing home?”
“I want to say to everyone whose a resident of the city, no one is more aware of the hardship that this is going to cause to a number of different people than me,” Kevyn Orr said.