Two of Detroit’s pension funds, the General Retirement System and the Police and Fire Retirement System, are disappointed by the city’s bankruptcy filing, which is the largest municipal bankruptcy in American history.
“The retirement systems of the City of Detroit are very dismayed at the emergency manager’s decision to file for bankruptcy since no good faith discussions have occurred with the pension funds or major creditors,” they said in a joint statement.
While they call the filing disappointing, the funds remain open to engaging in good-faith negotiations at the earliest opportunity.
Late Thursday afternoon, the city’s bankruptcy filing was made less than 10 minutes before lawyers for the pension funds attempted to block the filing at a different court.
Read more: