- Posted August 12, 2013
- Tweet This | Share on Facebook
Three governments in state pull planned bond sales
SAGINAW (AP) -- Three governments in Michigan have pulled planned municipal bond sales off the market since Detroit filed for bankruptcy protection last month.
Last Thursday, Saginaw County withdrew a roughly $61 million sale to cover pension obligations. Ahead of that decision, Genesee County withdrew a $54 million sale to finance a water and sewer work. And Battle Creek delayed a $16 million general obligation bond issue.
The decisions come amid concern that Detroit's bankruptcy will make it more difficult for communities to borrow money.
Detroit owes billions to bondholders and billions more in pensions to retired city workers. In its bankruptcy filing, the city proposed trimming pension benefits and paying bondholders a fraction of what they're owed. It also wants to treat retired city workers and bond investors as equals.
Published: Mon, Aug 12, 2013
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year
