Detroit Bankruptcy ruling to come in first week of November
LND, October 21, 2014 Detroit could be out of bankruptcy decades in the making, and 16 months in court — in three weeks. Bankruptcy Judge Steven Rhodes on Monday promised he would issue his ruling on the city's historic Chapter 9 case, filed in July 2013, late in the week of Nov. 3. Bankruptcy watchers said the timetable that Rhodes set for himself a decision less than two weeks after closing arguments — is another example of his determination to keep the case moving, and to prevent it from languishing. The judge delayed his retirement by a year to hear the case. "It seems to be a bookend on an incredibly tight schedule and overseen trial," said John Pottow, a bankruptcy law professor for the University of Michigan. "He's not going to let it hang over for months. He's going to make a decision and move on." If Rhodes rules that the city's debt-cutting plan is fair and feasible, Detroit will be able to dump $7 billion in debt and invest $1.7 billion into city services during the next decade. Recent settlements negotiated between the city and its major holdout creditors — especially bond insurers Syncora Guarantee Inc. and Financial Guaranty Insurance Co. — facilitated the case's expected resolution. "There's never been a Chapter 9 as successfully resolved by mediation as this one," said Laura Bartell, a bankruptcy professor at Wayne State University's Law School. "... to successfully resolve so many of the open issues is unprecedented. That's why it's speeding up at this stage." The city has cut deals with most of its opponents, including retirees, ... MORE
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Henrik Zetterberg
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