- Posted August 22, 2013
- Tweet This | Share on Facebook
Pension systems to file longer Chapter 9 objection
DETROIT (AP) -- A federal judge will let Detroit's two pensions systems file longer eligibility objections to emergency manager Kevyn Orr's bankruptcy petition.
Judge Gerald Rosen granted the Detroit's police and fire retirement system and its general retirement system Tuesday to file objection in excess of the 25-page limit.
Orr filed for bankruptcy last month. He's trying to restructure at least $18 billion in liabilities and says the pension systems are the two largest unsecured creditors.
Orr says Detroit has underfunded obligations of $3.5 billion for pensions and $5.7 billion for retiree health.
Some unions and individual retirees were among more than 100 creditors that filed objections by Monday's deadline.
Orr spokesman Bill Nowling says larger creditors and banks are expected to make objections later during litigation on Detroit's proposed plan of adjustment.
Published: Thu, Aug 22, 2013
headlines Oakland County
- Meet the Judges
- Phishing and Smishing and Skimming and Shimming: Nessel encourages public to watch out for common scams during NFL Draft
- 56 years later, bias case is closed: Hamtramck completes new housing
- Attorneys to explain new U.S. DOL rules
- Michigan employers, local partners spotlight Gov. Whitmer’s budget recommendations and benefits for Going PRO Talent Fund
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case