Detroit Workers Rip $350M Loan Plan As Ch. 9 Ruling Looms
By Maria Chutchian
Law360, New York (December 2, 2013, 2:02 PM ET) -- As the city of Detroit awaits a bankruptcy judge’s ruling on whether it is eligible for Chapter 9 relief, public-sector workers and retirees continue to battle its efforts to move forward, specifically with respect to $350 million in financing, according to court documents filed last week.
The American Federation of State, County & Municipal Employees, AFL-CIO and Sub-Chapter 98, City of Detroit Retirees on Wednesday challenged the $350 million post-petition financing Detroit negotiated with Barclays Capital Inc., saying it largely benefits investment banks that got the...