Mealey's Bankruptcy - Michigan Legislature Passes, 'With Immediate Effect,' Law Giving Detroit $194.8M

Mealey's Bankruptcy - Michigan Legislature Passes, 'With Immediate Effect,' Law Giving Detroit $194.8M

LANSING, Mich. - The Michigan Senate on June 3 passed without amendment, and with "immediate effect," the Michigan Financial Review Commission Act (MFRCA), which will allocate $194.8 million in funds to the bankrupt City of Detroit to deal with its current debt, and would create the Financial Review Commission (FRC), which would have the power to approve the city's financial plan.

Find full version on lexis Advance®
Access this news story on lexis.com®