Judge sets June trial on Detroit bankruptcy plan - FOX13 News, WHBQ FOX 13

Judge sets June trial on Detroit bankruptcy plan

Posted: Updated:
DETROIT (WJBK) -

A judge has set a June 16 trial on Detroit's plan to emerge from bankruptcy.

U.S. Bankruptcy Judge Steven Rhodes also says he is giving creditors until March 28 to file objections to the plan released last week by Detroit emergency manager Kevyn Orr.

Rhodes is encouraging all sides to negotiate with "full intensity and vigor" to resolve any disputes before they land in court.

Under Detroit's plan, pension holders could expect to get 70 percent to 90 percent of what they are owed, while many banks would receive as little as 20 percent.

Detroit retirees and community leaders presented an alternative plan Monday which gives more percentages to pensioners, who feel they are being "scapegoated."

ALSO SEE: Detroit retirees, community leaders submit alternative bankruptcy plan

Orr's plan also puts more than one billion dollars towards capital improvements. Emergency manager spokesperson Bill Nowling says almost half of that amount would be put towards blight removal, which would happen in the first five years.

Part of that billion dollars would also upgrade Detroit's bookkeeping technology. Nowling says some of the systems used are 20 years old.

The city also plans to use millions in federal tax dollars to tear down thousands of publicly-owned residential buildings.

VIDEO: Click on the video player above to learn more about the plan in a report from FOX 2's Randy Wimbley

Many issues are still unsettled, especially Gov. Rick Snyder's proposal for the state to kick in $350 million toward pensions. Lawmakers haven't signed on yet.

The plan also still needs the stamp of approval from Judge Rhodes.

-The Associated Press contributed to this report

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • New DTE app lets users check their energy use

    New DTE app lets users check their energy use

    Friday, August 1 2014 7:59 PM EDT2014-08-01 23:59:24 GMT
    Joel Miller, a senior strategist with DTE Energy, gave us some insight -- on DTE insight. The new, free smart phone app helps customers see their energy use hour by hour -- or minute by minute."By studying your data and by looking around your home you can discover what things are using energy," Miller said. Then, you make choices -- replace appliances or physically turn off whatever's not needed -- or is wasting energy, and save money on your energy bill in the process."I think for a lot of u...
    Joel Miller, a senior strategist with DTE Energy, gave us some insight -- on DTE insight. The new, free smart phone app helps customers see their energy use hour by hour -- or minute by minute."By studying your data and by looking around your home you can discover what things are using energy," Miller said. Then, you make choices -- replace appliances or physically turn off whatever's not needed -- or is wasting energy, and save money on your energy bill in the process."I think for a lot of u...
  • Backyard Bliss: The Brown family's backyard

    Backyard Bliss: The Brown family's backyard

    Friday, August 1 2014 7:07 PM EDT2014-08-01 23:07:48 GMT
    Living is easy in the summertime, and some of the very best times are often found right in our own backyard.
    Living is easy in the summertime, and some of the very best times are often found right in our own backyard.
  • Immigration issue hits home in Farmington Hills

    Immigration issue hits home in Farmington Hills

    Friday, August 1 2014 7:04 PM EDT2014-08-01 23:04:59 GMT
    Illegal immigration is an issue that seems to have much of the country at odds, spurring protests from coast to coast and even requests for immigration reform. Now, that concern is really coming to a local level with talk of illegal immigrants headed to places like Vassar, Bay City - and now Farmington Hills.The illegal immigrant children will be headed to Farmington Hills in the next couple weeks, likely before the end of the month. Wellspring Lutheran Services will provide their shelter, fo...
    Illegal immigration is an issue that seems to have much of the country at odds, spurring protests from coast to coast and even requests for immigration reform. Now, that concern is really coming to a local level with talk of illegal immigrants headed to places like Vassar, Bay City - and now Farmington Hills.The illegal immigrant children will be headed to Farmington Hills in the next couple weeks, likely before the end of the month. Wellspring Lutheran Services will provide their shelter, fo...
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

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