How Detroit’s creditors voted on plan of adjustment
By Nathan Bomey, Detroit Free Press | |
McClatchy-Tribune Information Services |
Class 1
Water and sewer bondholders: Owed
The city's offer: 100% of principal
How they voted: 119 sub-classes of bondholders voted no, while 32 voted yes.
Classes 2-4, 6
Secured general obligation bonds, other secured claims, U.S.
The city's offer: 100%
How they voted: These creditors don't vote because they are receiving full payment.
Class 5
Swaps, owned by
The city's offer:
How they voted: The banks voted "yes."
Class 7
Limited-tax general obligation bonds, owned by
The city's offer: 34%
How they voted: Bondholders representing 99.8% of the claims and the votes rejected the plan -- likely because the settlement has not been finalized. Black Rock and
Class 8
Unlimited-tax general obligation bonds, the lion's share controlled by bond insurers Assured,
The city's offer: 74%
How they voted: 87% of bondholders representing 97% of the debt voted "yes" to approve the deal.
Class 9
Pension obligation certificates of participation (COPs) insured by
The city's offer: 0% to 10%
How they voted: An emphatic "no," with not a single "yes" vote.
Class 10
Police and Fire Retirement System pensions: Owed
The city's offer: 100% payment of their monthly pension checks and a reduction in annual cost-of-living adjustment (COLA) increases from 2.25% to 1%.
How they voted: 82% of police and fire pensioners representing 82% of the debt voted "yes" to support the deal.
Class 11
General Retirement System pensions: Owed nearly
The city's offer: 95.5% of their monthly pension checks, the elimination of COLA benefits and the clawback of excess annuity savings fund distributions from 2003-13.
How they voted: 73% of pensioners representing 73% of the claims voted "yes" to back the deal.
Class 12
Retiree health care benefits: Underfunded by
The city's offer: 10%
How they voted: 88% of voters representing 85% of the claims voted "yes" to endorse the cuts.
Class 13
The city's offer: 10% to 13%
How they voted: The DDA voted "yes" to support the plan.
Class 14
Other unsecured claims owed to a variety of creditors, including people who sued the city and won settlements, as well as city vendors that had contracts canceled: About
The city's offer: 10% to 13%
How they voted: This class voted no by a 53-47% margin in number and by a 61-39% margin in total claims.
Class 15
Convenience claims: owed to variety of creditors with debts of
The city's offer: 25%
How they voted: Voters rejected the offer by a margin of 55-45% in number and 58-42% in total claims
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