A bankruptcy lawyer for the city of Detroit started closing arguments today in Detroit’s bankruptcy trial. The bankruptcy attorney must prove to the court that the bankruptcy plan, which restructures the city’s obligations, is fair for all creditors and stakeholders. The bankruptcy lawyer made a point to stress that this bankruptcy plan will leave the […]
Detroit Bankruptcy Offers Incentive to Hold Out Bond Insurer
The City of Detroit’s bankruptcy lawyers are offering deals to the leading opponent of its bankruptcy filing. The deal involves riverfront property and an indefinite lease on parking garages to the bond insurer that continues to oppose Detroit’s bankruptcy filing. Under Chapter 7 and Chapter 13 bankruptcy, all creditors of the same class have to […]
Detroit Bankruptcy Plan Lays Out Road Map for City’s Future
The City of Detroit’s CFO testified on Thursday regarding the feasibility of the Detroit Bankruptcy Plan. He also stated that he believes the plan operates as a road map to guide city officials in the future. Similarly, when an individual debtor meets with a bankruptcy attorney prior to any case being filed, the goal is […]
Appeals Stayed in Detroit Bankruptcy Matter
Bankruptcy lawyers for the City of Detroit, the State of Michigan, and creditors of the city submitted a request that the Sixth circuit not proceed with appeals hearings regarding the Detroit bankruptcy. Bankruptcy lawyers for Detroit’s creditors filed appeals after the bankruptcy court ruled the city eligible to proceed through bankruptcy. After the retiree unions […]
Detroit Bankruptcy Awaiting Appeal Heard by Sixth Circuit Regarding Eligibility
The City of Detroit’s bankruptcy filing could be at risk. Almost a year after the Bankruptcy Court ruled that the city was eligible to proceed through bankruptcy, an appeal of that decision will be heard by the Sixth Circuit Court of Appeals. Bankruptcy lawyers for both sides likely filed their briefs months ago. The bankruptcy […]
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