Category: Reorganization

Vote by Vote: Part 2, Down?

3 June, 2014 (18:52) | Bankruptcy, Cities, Cramdown, Detroit, Municipal bankruptcy, Real estate taxes, Reorganization, US News |

[Continued from yesterday’s Part 1.]  By: David A. Smith  As we saw yesterday, Detroit’s emergency manager has moved with exemplary dispatch and direction to treat the city like any other large Chapter 11 reorganization debtor, including a commendable job of securing pre-approval from many creditor groups before facing the big unknown: the two large pension […]

Vote by Vote: Part 1, Cram?

3 June, 2014 (18:41) | Bankruptcy, Cities, Cramdown, Detroit, Municipal bankruptcy, Real estate taxes, Reorganization, US News |

By: David A. Smith Vote by vote, Detroit is restructuring the city’s finances, though because this is good news, it’s presented as bad news, as reported in the New York Times (May 13, 2014), with background provided in an earlier story, also in the New York Times (May 5, 2014): Detroit dropped tens of thousands […]