City retirees worry about pensions in bankruptcy ruling - New York News

City retirees worry about pensions in bankruptcy ruling

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(WJBK) -

Detroit is now hours away from finding out if it is eligible to file for Chapter 9 Bankruptcy. Judge Steve Rhodes has said he will announce his decision Tuesday at 10 a.m.

Judge Rhodes will answer the following questions in his ruling: Is Detroit insolvent? and, Did Detroit negotiate with its creditors in good faith before filing the bankruptcy? "Good faith" meaning a fair negotiation, and if the judge finds that it was impossible to bargain he can still allow the bankruptcy.

Unions and pensioners claim Detroit should not be eligible because the city failed to negotiate in good faith before the filing. The city denies those allegations.

"I never hesitated for one moment when I was working, and who would ever think it would've got to where we are now. I did my part I wish the city would do their part now," says Joe Wilson, a retired Detroit firefighter. He served for 31 years.


VIDEO: Click on the video player above to hear more from former Detroit firefighters in Fox 2's Randy Wimbley's report
 


Fox 2 will have extensive coverage of the ruling:

 + Tune in to Fox 2 News on your TV

 + Tune in to Fox 2 News on your tablet, computer or mobile device via our livestream inside the app or on www.myfoxdetroit.com

 + Click here to see live blog updates from inside the courtroom

 + Follow us on Twitter @Fox2News

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