Detroit retiree committee asks for court order to obtain documents

By Kali Hays

New York, March 19 - The City of Detroit's official committee of retirees requested court assistance to retrieve documents from the city relating to its proposed $85 million settlement and plan support agreement with UBS AG and Merrill Lynch Capital Services, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

Specifically, the committee is looking to complete the out of court testimony of Detroit's emergency manager Kevyn D. Orr, which pertains "directly to issues raised in the committee's objection" of the settlement and plan support agreement, the filing stated.

As previously reported, Detroit entered into a settlement agreement with UBS and Merrill Lynch in the amount of $85 million under which all claims related to the parties' pension swaps arrangements were resolved.

Kevin Orr said that the settlement will save taxpayers $201 million.

The committee claims that the city has refused to produce the requested documents and that its "objections and responses to the committee requests are baseless."

The committee asked that the court enter an order compelling the city to produce all of the requested documents by March 26. A hearing on the document production motion will be held on March 20.

The hearing for consideration of the settlement and plan support agreement is set for April 3.

Detroit filed bankruptcy on July 18, 2013 under Chapter 9 case number 13-53846.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.