Deadline approaches for bankruptcy plan vote

(Bill Pugliano, 2014 Getty Images)
(Bill Pugliano, 2014 Getty Images)
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 7/06 9:37 am

DETROIT (AP) — The most anticipated vote in Detroit this summer isn't for a city office.

Instead, ballots due by Friday from city retirees could determine how quickly Detroit exits its historic bankruptcy and how much of the financial weight pensioners will bear.

Non-uniformed retirees are being asked to take a 4.5 percent pension cut and no cost-of-living allowances. Police and fire retirees are faced with reduced cost-of-living payments.

Their pension boards have joined Gov. Rick Snyder and state-appointed emergency manager Kevyn Orr in seeking "yes" votes on the plan.

Voting "no" could result in deeper cuts for the city's 32,000 retirees and current and former city workers.

All classes of creditors, including banks and bond insurers, also must vote by Friday on the aspects of Orr's debt restructuring plan that affects them.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
NEWSCASTS ON DEMAND

What's On

All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.