Motor City Meltdown Detroit Cuts Pensions, Again
Detroit has decided to make the cuts to public pensions even deeper than expected. Pensioners in other cities should beware.
Motor City Meltdown Detroit Looks to Sell Sewer System as Unpaid Bills Pile Up
Nearly half the users of Detroit’s water and sewer systems are behind on payments, and the city is warning that it will cut off the taps. Meanwhile, the city is looking to privatize the struggling department to clear away some debt.
Motor City Meltdown Motorless in the Motor City
Detroit was built on cars, but today many of its citizens don’t even have one. That’s not necessarily a problem, if your city has great public transportation—but Detroit bus system is anything but great.
Motor City Meltdown Divide and Conquer in Detroit
Detroit’s new bankruptcy proposal is much more favorable to pensioners than bondholders, but it is still drawing fire from both sides. Will the city’s divide-and-conquer strategy work?
Motor City Meltdown Detroit Chooses Pensioners over Bondholders in Debt Plan
Detroit has finally unveiled its debt repayment plan, and the terms are far more favorable to city pensions than outside bondholders. This is good news for Detroit’s pensioners, but it could have ripple effects across municipal debt markets.
Motor City Meltdown Michigan One Step Closer to Detroit Bailout
Almost six months to the day after Detroit filed for bankruptcy, Michigan’s state government may finally lend a hand to the troubled city. Earlier this month, a group of foundations, aided by a bankruptcy judge, came up with a plan to allow Detroit to get money from its precious art collection without losing control of the art. Now it looks like the state may be on board with the plan. The Governor’s office has been hinting that it plans either to match the contributions of the foundations or at least to pledge money to help Detroit pay its pensions directly.