Legal News

Bankruptcy Trial for City of Detroit Delayed Until August
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The plan created by the city of Detroit to repay its creditors less than the city owes in order to come out of bankruptcy has been delayed for close to one month by a federal judge who is overseeing the case in order to give the parties involved more prep time, according to Bloomberg.

The judge presiding over the case is U.S. Bankruptcy Judge Steven Rhodes. On Monday, Judge Rhodes moved the start date for the trial to August 14 from July 16. Judge Rhodes blamed the delay of the trial on the need to give creditors enough information to prep their cases against the $18 billion debt-adjustment plan created by the city of Detroit.

  
What
Where


The creditors asked to have the trial start in the middle of September, but that request was denied by Judge Rhodes. He said that even though the city is responsible for the delay of the trial, one creditor made “unreasonable” demands for documents in the case.

Detroit filed for bankruptcy last year and has negotiated with its unions and retiree groups to limit how much the pensions will be cut. Many bond insurers fight plans that repay bondholders less than what is owed. One such entity is that of National Public Finance Guarantee Corp.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Associate Attorney

USA-PA-Exton

ASSOCIATE ATTORNEY McKenna Snyder LLC, a law firm in Exton, PA has an immediate opening for an ex...

Apply now

Attorney

USA-MI-Sturgis

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Attorney

USA-MI-Coldwater

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Insurance Defense Trial Attorney/ Senior Counsel

USA-CA-San Francisco

Job description Trial Attorney - Personal Injury Defense Full Job Description Hickey Smith ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top