bankruptcy

Mark Sanchez
Courtesy photo / LinkedIn.com

MiBiz takes a closer look at how the Trump Administration's immigration policy will impact the West Michigan economy. Also, Grand Rapids-based MC Sports files for Chapter 11 bankruptcy and Michigan's Tax Tribunal rules in favor of Spectrum Health in a property tax dispute with Grand Rapids Township.

Detroit
Andrea_44 via Wikimedia | CC BY 2.0 / wikimedia.org

A federal appeals court says it’s too late to go back and re-hash the "Grand Bargain" that allowed Detroit to emerge from bankruptcy two years ago.

In a split decision, a panel of the Sixth Circuit U.S. Court of Appeals rejected a challenge filed by five city of Detroit retirees. They say the city shouldn’t be allowed to reduce their benefits after they retired.

But the court said re-visiting the controversy could unravel the deal, and would stoke uncertainty.

The court said that would be unfair to other creditors, and hundreds of thousands of Detroit residents.