Bankruptcy Judge Steven Rhodes said yesterday that implementation of Detroit's plan to exit the biggest-ever U.S. municipal bankruptcy should be on the fast track, Reuters reported yesterday. "The city needs to begin implementing this plan immediately," Judge Rhodes said at a hearing. He waived a 14-day automatic stay on the plan of adjustment, but did not decide the official date for the city's emergence from bankruptcy. Judge Rhodes said he will conduct a hearing on Nov. 24 on the matter. Meanwhile, a nine-member commission charged with overseeing Detroit's post-bankruptcy financial recovery reviewed fiscal deadlines for the city at its initial meeting. Judge Rhodes on Friday ruled that Detroit's plan for cutting $7 billion of its $18 billion of debt was fair to creditors and feasible for the city to carry out.
