Bankruptcy Judge Steven Rhodes tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if Detroit’s plan to adjust its $18 billion of debt is feasible, Reuters reported yesterday. Judge Rhodes also named Richard Ravitch as a consultant to the court on municipal finance matters. Ravitch, who advised New York City during its fiscal crisis in the 1970s and who had served as a New York State lieutenant governor, agreed to consult for free and will not be required to testify in the case, according to the judge's order. Martha Kopacz, a senior managing director at Phoenix Management Services in Boston, beat out four other applicants, including Ravitch, for the position of expert witness. In his appointment order, Judge Rhodes said that Kopacz will also determine whether Detroit's assumptions regarding cash-flow projections and forecasts of revenue, expenses and plan payments are reasonable.
http://www.reuters.com/article/2014/04/22/usa-detroit-bankruptcy-expert…
For further analysis on the Detroit chapter 9 filing and to hear a keynote speech by Detroit Emergency Manager Kevyn Orr, make sure to attend Thursday's Annual Spring Meeting in Washington, D.C.! Not able to attend? Orr's keynote speech on Friday will also be live-streamed on the ABI website: http://www.abiworld.org//AM/Template.cfm?Section=Home.
Detroit Bankruptcy Judge Taps Consultants for Citys Plan
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