The judge who confirmed Detroit's plan to exit the biggest municipal bankruptcy in history could set a date later this week for the cost- and debt-cutting measures that are to take effect, Reuters reported yesterday. Hon. Steven Rhodes on Friday ruled that the plan for cutting $7 billion in debt was fair to creditors and feasible for the city to implement. Now, he must set that plan in motion with a confirmation order. Judge Rhodes said that he would hold a hearing on the order tomorrow, adding that he would review the more than $140 million in fees charged, primarily by attorneys, through the 16 months since Detroit filed for bankruptcy. Yesterday, he proposed a process for going over the fees and sorting through objections to the charges that will include mediation and having the public pensions submit the fees they paid for review.
To read the transcript of the Oral Opinion on the Record from the Detroit proceedings, go to http://news.abi.org/sites/default/files/Oral_Opinion_on_Detroit_Plan_Co…. To hear a reading of the transcript, go to http://abi-imt.s3.amazonaws.com/Detroit/Oral_Opinion_on_Detroit_Plan_Co… to access the audio recording.