The Detroit bankruptcy Plan is nearing its home stretch and the bankruptcy court is now intent on insuring the city follows the Plan post-bankruptcy. The bankruptcy judge overseeing the case has asked for assurances from the elected officials – Detroit’s mayor and city counsel – that they will follow the Plan to provide better services […]
Court to Seek Own Expert in Detroit Bankruptcy
U.S. Bankruptcy Judge Steven Rhodes, the judge assigned to the City of Detroit’s Chapter 9 bankruptcy filing, has advised that he will hire his own expert or experts for an independent review of feasibility for Detroit’s bankruptcy plan. In Chapter 13 bankruptcy, the reorganization form of bankruptcy for individuals, the bankruptcy lawyers for the standing […]
Detroit Poised to Rebound from Bankruptcy Filing
The Detroit Free Press has a new article about Detroit’s recovery through bankruptcy. The piece discusses the benefits of the bankruptcy filing – which were the intended purpose. The bankruptcy lawyers who advised on bankruptcy anticipated such positive results. Ordinarily individuals filing bankruptcy expect horrific results. However, most times that is not the case. The […]
Sbarro Files for Bankruptcy Reorganization
The Pizza company Sbarro has filed its second bankruptcy in the last three years. It is choosing to file under Chapter 11 of the bankruptcy code which allows businesses to restructure their debt. Had the company gone a Chapter 7 route, the entire company would be liquidated. It will be the job of the bankruptcy […]
Detroit Reaches Deal with Two Bankruptcy Creditors
The City of Detroit’s bankruptcy lawyers have reached an agreement with lawyers for investment banks, who are creditors in the bankruptcy filing. The deal will save Detroit millions of dollars in the restructuring of debt. The Bankruptcy Court for the Eastern District of Michigan still has to approve the deal. Bankruptcy lawyers for both sides […]
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