Detroit

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Detroit Bankruptcy Update: Restructuring the Restructuring Plan

On Friday July 25, 2014, the City of Detroit released a revised restructuring plan that provides for a reserve fund that may enhance the recovery for certain classes of unsecured creditors. The plan also creates a...more

Detroit Bankruptcy Update: Sixth Circuit Throws Wrench into Restructuring Timetable

Earlier this month the Sixth Circuit Court of Appeals ruled that the appeal of Syncora Guarantee Inc. must be heard by the lower federal district court before the bankruptcy court may conduct its trial on the city’s proposed...more

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

Detroit Moves Forward with Swap Settlement, Post-Petition Financing, Plan of Adjustment

Last week, the City of Detroit Chapter 11 bankruptcy case saw a handful of developments. First, the City filed a motion seeking approval of a further revised proposed settlement with its swap counterparties. The City now...more

Detroit Casinos’ January Revenues Decrease from Same Month Last Year

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for January 2014 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 9.5%...more

2014 Labor Law Update

In This Presentation: - Detroit Manufacturing - 2013-14 Southeast Union Activity: ..UAW - Automotive ..Faurecia Northport election lost by UAW ..Continued UAW Presence at MBUSI & Nissan ...more

Detroit Bankruptcy Update: Plan of Adjustment Filed, Trial Set

Under the Chapter 9 Plan of Adjustment filed on Friday of last week, Detroit Emergency Manager Kevyn Orr urged retirees to vote on a quick exit from bankruptcy by offering smaller-than-expected pension cuts. For non-uniformed...more

City of Detroit Files Proposed Plan of Adjustment in Bankruptcy Proceedings

On February 21, the City of Detroit filed a proposed plan of adjustment and disclosure statement in its Chapter 9 bankruptcy proceedings. The proposed plan would provide general obligation bond claims with a 20 percent...more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more

Detroit Bankruptcy Update: Direct Appeal to Sixth Circuit Permitted

Yesterday Bankruptcy Judge Steven Rhodes ruled that the appeals to his earlier holding that Detroit was entitled to proceed in its Chapter 9 Bankruptcy proceeding would be allowed to bypass a federal district court and head...more

Bankruptcy Court Rules Detroit Eligible for Chapter 9

At a hearing on December 3, Judge Stephen Rhodes ruled that the City of Detroit was eligible to file for protection under Chapter 9 of the Bankruptcy Code. While the City filed for bankruptcy back in July and has been...more

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

Detroit Judge Clears Way for Largest Municipal Bankruptcy in Country’s History

The oral summary of Bankruptcy Judge Steven Rhodes’s opinion lasted roughly ninety minutes, and the forthcoming written opinion is rumored to be over one hundred and forty pages in length. In making his decision the Detroit...more

Detroit Casinos’ October Revenues Decrease from Same Month Last Year

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for October 2013 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 4.2%...more

Parsing the legal and financial impact from Detroit’s bankruptcy

What is the legal, political, and financial fallout of Detroit’s highly publicized Chapter 9 bankruptcy? That was the central question in a Nov. 7 panel discussion in St. Louis hosted by Thompson Coburn. Below are the issues...more

Detroit Casinos’ September Revenues Decrease From Same Month Last Year

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for September 2013 for the three Detroit, Michigan commercial casinos. The three Detroit commercial casinos posted a collective 6.8%...more

Gaming Legal News - November 2013 • Volume 6, Number 24

In This Issue: - DICKINSON WRIGHT ENTERS INTO COOPERATION AGREEMENT WITH BULGARIA-BASED VELCHEV & CO.: Dickinson Wright PLLC has entered into a cooperation agreement with the Sofia, Bulgaria-based law firm...more

Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law  [Video]

Oct. 24 (Bloomberg) -- Detroit's municipal bankruptcy is reason Congress should consider amending Chapter 9 governing municipal debt adjustment, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill...more

Following Chapter 9 Plan, Monoline Insurer Must Continue to Make Payments on Old Bonds

Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more

The financial crisis and a new round of deaccessioning debates

When public institutions are suffering from financial deficits, one question is usually raised: can they sell art to survive? In the museum world it is generally understood that you are to deaccession art only if the work is...more

Municipal Bankruptcies – Interview with Bill Kannel, Member, Mintz Levin [Video]

Attorney Bill Kannel, Member of Mintz Levin's Bankruptcy, Restructuring & Commercial Law Practice, discusses the prerequisites for municipalities looking to file Chapter 9 bankruptcy. ...more

Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case  [Video]

Sept. 12 (Bloomberg) -- The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the "Case of the Week" status on the bankruptcy video with...more

Lights Out At Detroit’s Municipal Utility?

The Detroit Public Lighting Department (PLD) currently serves 115 customers, including: Detroit Public Schools; Joe Louis Arena; Cobo Hall; the Detroit Institute of Arts; Wayne State University; McNamara Building Federal...more

Orrick's Derivatives in Review - August 2013

Featured in this month's edition: - "U.S. Person" Definitions Under the Final Exemptive Order and the Final Guidance, Application to Certain Foreign Branches, and Determination for Collective Investment Vehicles -...more

Rogers Towers: Motor City Meltdown: Municipal Bankruptcy in Brief - Chapter 9 Administration in a Nutshell

From March 2012 to March 2013, 76,467 bankruptcy petitions were filed in Florida under Chapters 7, 11 and 13. In contrast, since the Great Depression less than 500 municipalities have filed for Chapter 9 protection....more

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