News Update from Keith Seat's Mediation News for the 21st Century:
Extensive Mediation Efforts Allow Detroit to Successfully Exit Bankruptcy
Detroit reduced its debt by $7 billion out of $18 billion and successfully exited from the largest-ever municipal bankruptcy in record time as a result of many months of mediation efforts that developed a “grand bargain” and minimized litigation. The court-ordered mediation achieved settlements with all of the city’s major creditors, including city retirees and pension funds. The final mediated settlements were reached during the lengthy federal court hearing on the plan. Among other things, the grand bargain avoided the assets of the Detroit Institute of Art being sold off.
New York Times (November 7, 2014); Reuters (October 22, 2014); Reuters (October 9, 2014); Detroit Free Press (September 2, 2014)