Bankruptcy Judge Steven Rhodes yesterday set a June 16 trial date for Detroit to prove it can accomplish a plan to shed debt and end the biggest municipal bankruptcy case in U.S. history, the Detroit News reported today. The scheduling order from Judge Rhodes comes three days after Detroit filed a plan to slash half its $18 billion in debt and upgrade aging infrastructure in a bid to turn around the Motor City’s decades-long decline. Judge Rhodes set aside 10 days for the trial, which would leave the city about three months to exit bankruptcy before the end of Emergency Manager Kevyn Orr’s appointment. In doing so, Rhodes urged the city and creditors to strike deals that could speed the city’s bankruptcy case. There are ongoing negotiations headed by Chief U.S. District Judge Gerald Rosen and a team of mediators.
http://www.detroitnews.com/article/20140224/METRO01/302240072/Judge-set…
For further news, analysis and court documents from the Detroit chapter 9 case, including a copy of the proposed debt adjustment plan that was filed on Friday, make sure to visit ABI's "Detroit in Distress" page: http://news.abi.org/detroit