March 8, 2014

Detroit plan-approval hearing postponed from June to July

From Crain's Detroit Business -
"Detroit unveiled terms of a revised $120 million loan for infrastructure improvements as the bankruptcy judge postponed the last phase of the plan-approval process by a month to July 16.

U.S. Bankruptcy Judge Steven Rhodes previously intended to hold the last phase of the confirmation process on June 16 to decide disputed fact issues regarding Detroit’s debt-adjustment plan. Yesterday, Rhodes moved the final hearing to July 16 and adjusted events taking place between now and then.

Rhodes scheduled a hearing on April 4 to hear argument on whether the plan can affect city workers’ pensions. The hearing for approval of disclosure materials remains on April 14."

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