The Michigan legislature has held off their initial vote on contributing $195 million to the Detroit bankruptcy in order to protect the city’s assets from creditor liquidation. The bankruptcy lawyers should not worry too much as the hold is just for a single day in order to review recent changes. Michigan lawmakers are waiting a […]
Detroit’s Bankruptcy Lawyers Face Tough Court
U.S. Bankruptcy Court Judge Steven Rhodes, of the Eastern District of Michigan, chastised the City of Detroit’s bankruptcy lawyers for releasing confidential material related to negotiations with the city’s creditors. The bankruptcy lawyers advised the court that they do have staff that reviews every document that is submitted in the bankruptcy filing, but the staff […]
Detroit Bankruptcy Takes Step Forward With Help From Mediator
NBC News is reporting that the City of Detroit’s Bankruptcy filing has taken another big step forward. Bankruptcy lawyers for both the debtor, City of Detroit, and the unions had tentatively agreed on a deal that both sides felt comfortable proposing to the bankruptcy court. The bankruptcy lawyers for each side met with a mediator […]
Bankruptcy Court to Hear From Elected Officials
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 […]
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