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Partner Craig Barbarosh Comments on Detroit's Revised Pension Plan in The New York Times

Firm News | April 17, 2014

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with The New York Times regarding Detroit’s public shift in its posture on pensions. Earlier this month, as part of the city’s strategy to emerge from Chapter 9 by late summer or early fall, Detroit officials threatened to cut pensions from six to 34 percent. Retiree groups have now reached tentative deals with the city’s pension funds that eliminate cuts to current pension checks, though annual cost of living increases will be reduced. Craig, who represents some creditors in the case but is not involved in talks over pensions, explained: “Ultimately, in any bankruptcy, it’s about negotiating and positioning. All along discussions were going on.” (“Pensioners in Detroit Rejoice, Though Deal Is Far From Done,” April 16, 2014)

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