Michigan Governor Rick Snyder and his appointed emergency manager, Kevyn Orr, say city pensions are underfunded by $3.5 billion. The two main groups of creditors public employees and retirees, and bondholders argue that they’re entitled to be paid.
via What You Are Not Hearing About Detroit’s Bankruptcy | ChiefExecutive.net | Chief Executive Magazine.
- Michigan’s Snyder Says Detroit’s Bondholders Part of Bankruptcy (bloomberg.com)
- Labor’s Only Hope Is Detroit Bailout or New Taxes (bloomberg.com)