January 30, 2014

Detroit may file $18 billion bankruptcy plan in 2 weeks

This from Crain's Business Detroit -
"Detroit Emergency Manager Kevyn Orr may file a proposed debt-adjustment plan in federal court in about two weeks, an action that would start the final phase in the city's record $18 billion municipal bankruptcy. Orr has given a copy of the plan to creditors, his spokesman, Bill Nowling, said Wednesday in an emailed statement. Creditors will have a chance to vote on the proposal once it's filed in U.S. Bankruptcy Court in Detroit and found by the judge to supply enough information. The plan reflects details already presented to creditors who have been negotiating with the city since it filed for bankruptcy in July, Orr said. U.S. Bankruptcy Judge Steven Rhodes had told the city he wanted it to file a plan by March 1."
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