WKYT | Lexington, Kentucky | News

No shortage of info in Detroit bankruptcy

Detroit

MGN Online

DETROIT (AP) - Detroit's bankruptcy goes into a critical stage this week after Michigan Gov. Rick Snyder signs off on a $195 million lifeline to prevent steep cuts in the city's pensions and sale of city-owned art.

Attention now turns to creditors, especially 32,000 active, former or retired employees, who have until July 11 to vote on the city's plan to shed $18 billion in debt and become solvent again.

There is no shortage of information. That can be a curse, not a blessing.

Retirees with pensions at risk have received a computer disk holding hundreds of pages. They have a ballot about pension cuts and another about health insurance.

Public forums about the balloting have turned hostile with people venting about the financial sacrifice.

The bankruptcy trial is scheduled for July 24.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 262296001 - wkyt.com/a?a=262296001
Gray Television, Inc.