Detroit Closes In On Pension Fund DealApril 15, 2014 – In The News
Michael Sweet was quoted in The Detroit News article, "Detroit Closes In On Pension Fund Deal." Full text can be found in the April 15, 2014, issue, but a synopsis is noted below.
Bankruptcy negotiators in Detroit appear close to a deal with at least one of the city’s pension funds, which will hold a meeting Tuesday to vote on whether to accept the latest offer.
The city did not file an amended reorganization document Monday as planned, but its attorneys disclosed some changes they plan to make in response to the objections of creditors.
According to Michael Sweet, a delay in filing the new plan could mean the city may be trying to make significant changes before the hearing.
“If they didn’t think a deal was imminent, they would have filed something,” Sweet said. “The holy grail is the deal with the retirees. This is the main event.”