The Daily Docket: Detroit Files Debt-Cutting Plan

The city of Detroit filed a new debt-cutting plan after reaching an agreement with retirees, The Wall Street Journal reports.

The Philadelphia Inquirer and Philadelphia Daily News will be put up for sale once again, but this time the prize-winning publications will be sold at a “private, ‘English-style,’ open outcry auction” among the current owners. Check out the Daily Bankruptcy Review article in WSJ.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

Brazilian business tycoon Eike Batista’s oil company got a purchase offer from an unnamed buyer, WSJ reports.

Detroit’s emergency manager and former bankruptcy attorney Kevyn Orr was introduced at the country’s largest gathering of restructuring professionals as someone who answered the call to serve the public.WSJ has the DBR article.

Specialty retailer Brookstone Holdings Corp. has reached a deal with unsecured creditors who had threatened to block its restructuring process, winning their support in exchange for up to $2.75 million, DBR reports via WSJ.

A bankruptcy judge authorized the operator of Ecko Unltd. retail stores to borrow $7 million from its owner as it moves toward a May auction. Read the DBR article via WSJ.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.