Creditors face deadline in Detroit bankruptcy case

By: AP
By: AP

DETROIT (AP) -- Banks, bond insurers, employee pension systems and others who believe they are owed money by Detroit are up against the clock to legally voice opposition to the largest municipal bankruptcy filing in U.S. history.

A federal judge set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit's state-appointed emergency manager Kevin Orr.

It's one step in a process that could take months or years to complete if Detroit is approved for bankruptcy protection.

The city has until Sept. 6 to file its responses. Orr listed thousands of creditors, including individuals, in his July 18 bankruptcy petition.

He's said Detroit is insolvent and unable to pay some of its bills, including at least $18 billion in long-term debt.

Orr stopped payment on $2.5 billion in debt in June.


WILX.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

See full commenting rules...
powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 220114451 - wilx.com/a?a=220114451
Gray Television, Inc.