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Tuesday, November 12, 2013

Detroit Awaits Ruling on Bankruptcy Eligibility

Per www.bloomberg.com:

Detroit’s bankruptcy trial ended yesterday without a ruling from the judge on whether the city can remain under court protection, where creditors are limited in what they can do to challenge the city’s restructuring process.
Following more than eight hours of arguments by nine lawyers in federal court in Detroit, U.S. Bankruptcy Judge Steven Rhodes said he will issue a ruling after the city and its opponents file legal briefs next week about how labor law may affect his decision.
The day ended with Rhodes asking lawyers for the city and the state to respond to allegations that Governor Rick Snyder and the emergency manager he appointed, Kevyn Orr, acted in bad faith in the months before the case was filed.

For more, see http://www.bloomberg.com/news/2013-11-08/detroit-bankruptcy-trial-ends-today-with-final-arguments.html

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