Detroit bankruptcy

With two new settlements in hand, Detroit's attorneys at a hearing Monday touted the city's recent progress, with the judge calling the series of deals unprecedented in Chapter 9 history.

Settlements are coming quickly now in the Detroit bankruptcy case, as the city Monday announced a deal with a coalition of unions over collective bargaining agreements.

The federal judge overseeing Detroit's bankruptcy will consider final approval of a key bankruptcy document Monday that includes a fresh settlement reached with retirees late Friday.

Detroit emergency manager Kevyn Orr said a handful of major infrastructure projects and the city's thriving downtown will help drive a revival that mirrors places like Miami and Baltimore.

Oversight will be key to keeping the city out of another Chapter 9, Detroit CFO John Hill said at a Chicago forum on Wednesday.

U.S. Bankruptcy Judge Steven Rhodes tapped Martha Kopacz of Phoenix Management Services to act as a municipal finance expert witness reviewing Detroit's bankruptcy exit plan, and Richard Ravitch as a consultant to the court.

The judge overseeing Detroit's bankruptcy ordered the city back into mediation with limited-tax GO bondholders and water and sewer holders in a renewed effort to reach settlements.

U.S. Bankruptcy Judge Steven Rhodes was expected to make a quick announcement of his choice for a municipal finance expert to help him analyze the feasibility of Detroit's bankruptcy plan.

Research firm Municipal Market Advisors questioned the feasibility of Detroit's recent pension settlements, warning that the proposed cuts are so minimal the city could end up back in Chapter 9.

Detroit's Bankruptcy Judge Steven Rhodes Thursday ordered Detroit and three counties into mediation to try to hammer out a stalled deal to create a new regional authority to run the city's massive water and sewer system.

Detroit's two pension funds have reached a settlement with the bankrupt city that features dramatically lower cuts than originally proposed.

Detroit emergency manager Kevyn Orr defended the city's bankruptcy and talked about the deal with unlimited-tax general obligation bondholders and the importance of future capital markets access in a wide-ranging exclusive interview with The Bond Buyer.

With the help of mediators, Detroit reached a settlement with its police and fire retirees, one of the thorniest parts of the city's historic Chapter 9 bankruptcy.

Detroit bankruptcy Judge Steven Rhodes' decision to hire a municipal finance expert to review the city's bankruptcy plan attracted responses from five professionals, including a few well-known public finance figures.

Detroit's proposed settlement with its unlimited-tax general obligation bondholders is a positive development for the bondholders and insurers that wrap the debt, Moody's Investors Service said in a comment released Monday.

Detroit's historic bankruptcy case gained momentum with court approval of a controversial interest-rate swaps settlement and a deal on its unlimited-tax general obligation bonds, but challenges still lay ahead, legal experts said.

Market participants believe Detroit's settlement with three bond insurers Wednesday is a breakthrough in the city's bankruptcy proceedings, even though it is not final and leaves many questions unanswered.

A bond insurer Wednesday asked the bankruptcy judge overseeing Detroit's case to force the city to consider four new bids for the city's art collection that could bring in as much as $2 billion.

Detroit announced its first significant bankruptcy settlement, agreeing to pay insurers of its unlimited-tax general obligation bonds 74 cents on the dollar and to treat the debt as secured in the future.

Detroit's creditors filed a flood of objections to the city's bankruptcy plan Monday, arguing it lacked critical information needed to answer even basic questions such as recovery rates.