A U.S. judge is expected to rule today whether Detroit can proceed with its bankruptcy filing. The ruling could open the door for cuts in payments promised to employees, retirees and investors. Unions and pension funds have argued that Detroit should be denied the protection of the court. They say that regardless of the city’s financial troubles, officials did not negotiate with creditors in good faith to reach a deal on Detroit’s debts. This is one of the requirements for a city to proceed with a bankruptcy filing.
Any ruling by Judge Steven Rhodes is expected to be appealed, as the city’s unions and pension funds have been fighting proposals to slash benefits owed to employees and retirees.
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