Michigan panel moves forward on $195M for Detroit

Published May 21, 2014 7:31pm ET



LANSING, Mich. (AP) — Michigan lawmakers took a first step Wednesday toward committing $195 million in state money to protect Detroit retiree pensions and city-owned art as part of a broader deal designed to help end the largest public bankruptcy in U.S. history.

In bipartisan fashion, a legislative committee sent bankruptcy bills to the Republican-led House, which could vote as early as Thursday. One bill would transfer $194.8 million from Michigan’s savings account to an authority that would disburse the money to Detroit’s two retirement systems, if the bankruptcy judge approves a restructuring plan resolving the city’s debts and other conditions are met.

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