A look at the next steps for Detroit - New York News

A look at the next steps for Detroit

Posted: Updated:
  • Detroit BankruptcyMore>>

  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
DETROIT (AP) -

Detroit became the largest U.S. city to file for bankruptcy, raising a flurry of questions about what happens next. Here's a look at what's known about the next steps:

WILL THE LIGHTS GO OUT?

The city's emergency manager, Kevyn Orr, says the city will be open and bills will be paid. And it can do things like keep police on the streets, firefighters on duty and water running. The question is whether these services will be cut later.

HOW LONG WILL IT TAKE?

Detroit is by far the largest city to file for municipal bankruptcy, and because it is, the timeframe for the case isn't known. It could take years to resolve.

WHAT HAPPENS IN COURT?

A bankruptcy judge will be appointed to oversee the case. The city will have to come forward with a list of its creditors and how much it owes them. That wasn't included in the initial Chapter 9 filing. It will also have to prove that it can't pay its bills. Orr has said previously that the city wasn't going to pay some of its debt.

A judge also will likely stay lawsuits against the city. Bankruptcy could change pension and retiree benefits, which are guaranteed under state law.

WHAT WILL THE JUDGE DO?

If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment. The city would propose a reorganization plan. The wide-ranging plan could include anything from selling assets, layoffs, changing union contracts and more. Then, the city would need the support of creditors to emerge from bankruptcy.

  • Local NewsLocal NewsMore>>

  • Sanitation men nearly throw away mayor's piano

    Sanitation men nearly throw away mayor's piano

    Friday, August 22 2014 1:39 PM EDT2014-08-22 17:39:56 GMT
    A piano donated by Jersey City Mayor Steve Fulop nearly ended up pushing up daises in a landfill instead of making music in a pedestrian plaza. Fulop gave the upright so residents could play tunes in a pedestrian plaza that opened on Monday.
    A piano donated by Jersey City Mayor Steve Fulop nearly ended up pushing up daises in a landfill instead of making music in a pedestrian plaza. Fulop gave the upright so residents could play tunes in a pedestrian plaza that opened on Monday.

  • Fitbit responds to data selling accusations

    Fitbit responds to data selling accusations

    Friday, August 22 2014 12:57 PM EDT2014-08-22 16:57:29 GMT
    The maker of a popular line of wearable fitness-tracking devices says it has never sold personal data to advertisers, contrary to concerns raised by U.S. Sen. Charles Schumer. San Francisco-based Fitbit said Friday that it has clarified its privacy policy to make it clear the company doesn't share information about its users. Schumer raised concerns about the company's privacy policy earlier this month and called for federal rules to allow consumers to protect their data.
    The maker of a popular line of wearable fitness-tracking devices says it has never sold personal data to advertisers, contrary to concerns raised by U.S. Sen. Charles Schumer. San Francisco-based Fitbit said Friday that it has clarified its privacy policy to make it clear the company doesn't share information about its users. Schumer raised concerns about the company's privacy policy earlier this month and called for federal rules to allow consumers to protect their data.
  • 50,000 bees living in NYC ceiling

    50,000 bees living in NYC ceiling

    Friday, August 22 2014 12:27 PM EDT2014-08-22 16:27:29 GMT
    A Queens woman had some unexpected roommates living in her apartment: 50,000 bees. Beekeepers reportedly removed the swarm from Frieda Turkmenilli's ceiling this week after her neighbors in Queens alerted the building manager. Turkmenilli says she saw only a few bees buzzing around over the last few weeks and never realized how many had taken up residence right above her head.
    A Queens woman had some unexpected roommates living in her apartment: 50,000 bees. Beekeepers reportedly removed the swarm from Frieda Turkmenilli's ceiling this week after her neighbors in Queens alerted the building manager. Turkmenilli says she saw only a few bees buzzing around over the last few weeks and never realized how many had taken up residence right above her head.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices