Bankruptcy Judge Steven Rhodes yesterday approved a key supporting document for Detroit's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history, Reuters reported today. Judge Rhodes ruled that the latest version of the disclosure statement Detroit filed with the court earlier on Monday contains "adequate information" for creditors. He also prohibited the city from making anything but "non-substantive or immaterial changes" to the document. The approval marks another hurdle cleared by the bankrupt city as it plans by May 12 to begin soliciting votes on the debt plan from its thousands of creditors.
