May 5 (Bloomberg) — Detroit won bankruptcy court approval of an explanatory statement that creditors will receive before they vote on a debt-adjustment proposal to reduce employee pensions and cut bond debt.
U.S. Bankruptcy Judge Steven Rhodes approved the city's disclosure statement and a "plain language" explanation of how pension and retiree health benefits for current and former city employees would change under the plan to shrink the city's $18 billion in debt. Both will be sent to creditors beginning May 12 under a schedule Rhodes approved last month.
The city earlier today filed the last changes to the plan it will make before creditors vote. It included details of deals reached in recent weeks with current and retired workers.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 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.
