Detroit’s historic bankruptcy trial to begin
|By COREY WILLIAMS, Associated Press|
Attorneys for the city and its various creditors debated last-minute legal motions Tuesday morning before Judge
Most creditors, including more than 30,000 retirees and city employees, have endorsed the city's bankruptcy restructuring plan put together by state-appointed emergency manager
One of the keys to the city's efforts is a commitment from the state, corporations and foundations to donate
Bond insurer Syncora Guarantee opposes the plan and says
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Starting Tuesday, lawyers for
After some delays, the trial in
Most creditors, including more than 30,000 retirees and city employees, have endorsed the plan of adjustment put together by Orr, who guided Chrysler through its bankruptcy, and his restructuring team.
The plan includes commitments from the state, major corporations, foundations and others to donate more than
General retirees would take a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise.
The strongest opposition to the plan has come from bond insurers like
"It has been a very fast-track bankruptcy, which
But in the end, bankruptcy expert
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