Swaps ruling winners: Retirees, residents, pension funds, bondholders. Losers: Kevyn Orr, Jones Day, Gerald Rosen, UBS, Bank of America.
Fitch Ratings managing director Amy Laskey talked to Fox Business about how Detroit is a unique story in muniland. Fitch published a research note on the bankruptcy ruling and concluded that Detroit’s ruling would not lead to a “spate” of local bankruptcies in Michigan:
Detroit was ruled eligible for Chapter 9 bankruptcy protection on Tuesday. Twitter coverage of the federal eligibility hearing tracked the history. Here are the highlights:
It is a real hand-to-hand fight in Detroit as creditors seek to establish that emergency manager Kevyn Orr did not conduct “good faith” negotiations prior to filing Chapter 9 bankruptcy for the city. It’s surprising that the city is not arguing that there were too many creditors to negotiate. The bankruptcy code allows a debtor to use this provision to escape conducting negotiations. Here are tweets from Tuesday:
The sixth day of Detroit’s bankruptcy eligibility hearing was about whether the city negotiated in good faith with creditors. Detroit’s emergency manager Kevyn Orr (@MotownEM) returned to the stand to continue his testimony. Orr was appointed emergency manager on March 14, 2013. Here is the coverage from journalists and others on Twitter:
In day four of Detroit’s bankruptcy eligibility hearing some big issues with both state and federal ramifications were addressed. It was the first time in American history that a sitting governor was called to testify in a Chapter 9 municipal bankruptcy case.
If you want to follow Detroit’s historic bankruptcy trial, Twitter is the way to do it. The court does not provide a video or audio feed, but there is a scrum of excellent local and national reporters tweeting throughout the day. Here are some of the best tweets: