Blog – Page 15

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Southfield, Michigan Mayor Gives State of City Address

The mayor of Southfield, Michigan gave her State of the City address today. She acknowledged that the largest concern of every day citizens is the horrible conditions of Southfield’s roads, but declined to comment directly on why they have fallen apart and no potholes have been filled. She blamed the State and Federal funding and …

Sbarro Files for Bankruptcy Reorganization

The Pizza company Sbarro has filed its second bankruptcy in the last three years. It is choosing to file under Chapter 11 of the bankruptcy code which allows businesses to restructure their debt. Had the company gone a Chapter 7 route, the entire company would be liquidated. It will be the job of the bankruptcy …

Detroit Reaches Deal with Two Bankruptcy Creditors

The City of Detroit’s bankruptcy lawyers have reached an agreement with lawyers for investment banks, who are creditors in the bankruptcy filing. The deal will save Detroit millions of dollars in the restructuring of debt. The Bankruptcy Court for the Eastern District of Michigan still has to approve the deal. Bankruptcy lawyers for both sides …

Detroit Bankruptcy Plan Seeks Cuts to Retirees Benefits and Future Pensions

The LA Times is reporting that the City of Detroit’s bankruptcy lawyers have proposed a bankruptcy plan seeking to reduce current health benefits of pensioners and future pensions of current city workers. This is despite the supposed early reports that Detroit’s lawyers were seeking only small cuts if any to pensions. Bankruptcy lawyers for the …

Detroit Bankruptcy Pension Cuts Affect on Retirees

The Detroit News has an article that discusses the impact of pension cuts on retirees. It does a good job of illustrating the differences in pension amounts and length of retirement by some pensioners. Bankruptcy lawyers for the City of Detroit are working through options for fair ways to reduce pensions. Options consist of reducing …