Detroit Reaches Deal with Retired Police and FirefightersApril 15, 2014 – In The News
Michael Sweet was quoted in the CNN Money article, "Detroit Reaches Deal with Retired Police and Firefighters." Full text can be found in the April 15, 2014, issue, but a synopsis is noted below.
Detroit and emergency manager Kevyn Orr reached a deal on Tuesday with retired police and firefighters, marking a big step in the city’s efforts to exit bankruptcy.
According to Michael Sweet, this is the most significant step the city has taken yet toward emerging from bankruptcy.
"This is a real feather in Kevyn Orr's cap. Having retirees go into court with him on a plan would send a very strong message to the court and other creditors," Sweet said.
Sweet noted that it wasn’t long ago an agreement like this seemed unlikely due to the positions being taken by Orr, the pension funds and the city unions. But “pressure makes diamonds,” he said.