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Expert: Detroit, at a 'Tipping Point' Has a Feasible Chapter 9 Exit Plan
Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.
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With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.  more »
Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.  more »
Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.  more »
Illinois faces an additional $128 million tab for retiree health insurance due to the recent Illinois Supreme Court decision assigning constitutional protections to the benefits.  more »
The Detroit Institute of Arts has raised 80% of the $100 million it pledged to contribute to Detroit's underfunded pension debt.  more »
Moody's Investors Service lowered the University of Chicago's rating one level to Aa2 as the school prepares to take on more debt to further its long-term strategic plans that will strain cash flow over the next several years.  more »
Indiana Gov. Mike Pence has ordered state agencies to reserve 4.5% of their 2015 appropriations and public universities to hold back 2% despite recent news that the state has $2 billion in reserves.  more »
Omaha Public Power District is bringing $110 million of subordinate-lien refunding bonds to market this week, marking the district's first deal since its nuclear plant has come back online.  more »
One year after Detroit filed for bankruptcy, muni experts said the city's approach should set a precedent for how not to manage a distressed workout, and that they've learned to throw out many traditional assumptions and beliefs about the treatment of bond debt in Chapter 9.  more »
The Republican candidate for Illinois governor unveiled a proposal to overhaul the state's tax system that calls for phasing out the state's 2011 temporary income tax hike, expanding the sales tax, and freezing property taxes.  more »
The Illinois Sports Facilities Authority is hoping to bring a roughly $278 million refunding to market this summer as it looks to ease the challenges of managing an escalating debt service schedule with an economically sensitive revenue stream.  more »
A second debt service payment default was triggered after the Lombard, Ill., board voted not to honor its appropriation commitment on a portion of $190 million of bonds issued for a struggling hotel and conference center.  more »
The 6th Circuit Court of Appeals set an accelerated two-week schedule to consider bond insurer Syncora Guarantee's appeal of a key decision in Detroit's bankruptcy case.  more »

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