Judge Sets Detroit Bankruptcy Trial Date

The Detroit skyline rises behind the Monument to Joe Louis, also known as "The Fist," Thursday, July 18, 2013. State-appointed emergency manager Kevyn Orr asked a federal judge permission to place Detroit into Chapter 9 bankruptcy protection. (AP Photo/Paul Sancya)
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A judge has set a June 16 trial on Detroit's plan to emerge from bankruptcy.
U.S. Bankruptcy Judge Steven Rhodes set a series of deadlines Monday. He's giving creditors until March 28 to file objections to the plan released last week by Detroit emergency manager Kevyn Orr.
Rhodes is encouraging all sides to negotiate with "full intensity and vigor" to resolve any disputes before they land in court.
Under Detroit's plan, pension holders could expect to get 70 percent to 90 percent of what they are owed, while many banks would receive as little as 20 percent.
There still are unsettled issues, especially Gov. Rick Snyder's proposal for the state to kick in $350 million toward pensions. Lawmakers haven't signed on yet.




 
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