Jan. 16 (Bloomberg) — Michigan Governor Rick Snyder asked legislators to back at least $330 million over 20 years to help Detroit emerge from bankruptcy, matching an offer floated this month by a group of private foundations.
Snyder, a Republican, wants the state to match the gifts from the foundations and other donors, according to a person who requested anonymity because of confidentiality rules in mediation talks. The deal would preserve pensions for Detroit retirees and avoid the need to sell works in the Detroit Institute of Arts to pay creditors, the person said.
The proposal marks a new direction for a governor who has said he opposed a state bailout that focuses only on reducing the city's $18 billion in debt. Republicans dominate the legislature, while Detroit, the decayed auto-industry powerhouse and the state's largest city, has been a Democratic stronghold for decades.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.