Detroit pension systems to file Ch. 9 objection

Judge allows Detroit pension systems longer eligibility objection to city's bankruptcy filing

Associated Press

DETROIT (AP) -- A federal judge will let Detroit's two pensions systems file longer eligibility objections to emergency manager Kevyn Orr's bankruptcy petition.

Judge Gerald Rosen granted the Detroit's police and fire retirement system and its general retirement system Tuesday to file objection in excess of the 25-page limit.

Orr filed for bankruptcy last month. He's trying to restructure at least $18 billion in liabilities and says the pension systems are the two largest unsecured creditors.

Orr says Detroit has underfunded obligations of $3.5 billion for pensions and $5.7 billion for retiree health.

Some unions and individual retirees were among more than 100 creditors that filed objections by Monday's deadline.

Orr spokesman Bill Nowling says larger creditors and banks are expected to make objections later during litigation on Detroit's proposed plan of adjustment.

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