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Deadline approaching for Detroit retirees, other creditors vote on bankruptcy restructuring
– canadianbusiness.com
DETROIT – The most anticipated vote in Detroit this summer isn’t for a city office.
Instead, ballots due by Friday from city retirees could determine how quickly Detroit exits its historic bankruptcy and how much of the financial weight pensioners will bear.
Non-uniformed retirees are being asked to take a 4.5 per cent pension cut and no cost-of-living allowances. Police and fire retirees are faced with reduced cost-of-living payments.
Their pension boards have joined Gov. Rick Snyder and state-appointed emergency manager Kevyn Orr in seeking “yes” votes on the plan.
Voting “no” could result in deeper cuts for the city’s 32,000 retirees and current and former city workers.
All classes of creditors, including banks and bond insurers, also must vote by Friday on the aspects of Orr’s debt restructuring plan that affects them.
The post Deadline approaching for Detroit retirees, other creditors vote on bankruptcy restructuring appeared first on Canadian Business.
Instead, ballots due by Friday from city retirees could determine how quickly Detroit exits its historic bankruptcy and how much of the financial weight pensioners will bear.
Non-uniformed retirees are being asked to take a 4.5 per cent pension cut and no cost-of-living allowances. Police and fire retirees are faced with reduced cost-of-living payments.
Their pension boards have joined Gov. Rick Snyder and state-appointed emergency manager Kevyn Orr in seeking “yes” votes on the plan.
Voting “no” could result in deeper cuts for the city’s 32,000 retirees and current and former city workers.
All classes of creditors, including banks and bond insurers, also must vote by Friday on the aspects of Orr’s debt restructuring plan that affects them.
The post Deadline approaching for Detroit retirees, other creditors vote on bankruptcy restructuring appeared first on Canadian Business.
