< 1 min read

"Detroit exits bankruptcy": A federal judge approved the Grand Bargain, which means Detroit's irreplaceable art treasures are now held by charitable trust.

"A federal judge approved Detroit's bankruptcy plan today, allowing the city government to hit the reset button after its years of financial mismanagement. As part of the deal, which took a relatively speedy 16 months to complete, the city is eliminating $7 billion worth of debt—some creditors will be paid just 14 cents on the dollar—while slicing pension payments to its retired workforce by 4.5 percent (and ending their cost of living increases, and upping their health plan costs, and ... you get the idea, it's unpleasant). . . . As many outlets are noting, the bankruptcy could have been far lengthier, and even more painful for retirees, had it not been for an unusual deal designed to save the Detroit Institute of Arts while minimizing cuts to pensions." -- Jordan Weissmann, Slate.com

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