Creditors reach deadline to object to bankruptcy

Creditors reach deadline to object to bankruptcy

Posted: Updated:
  • Detroit BankruptcyMore>>

  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
  • $350 million on the table for Detroit, judge needed to approve Barclay's loan

    $350 million on the table for Detroit, judge needed to approve Barclay's loan

    Wednesday, November 6 2013 3:03 PM EST2013-11-06 20:03:18 GMT
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.

By COREY WILLIAMS
Associated Press

DETROIT (AP) -- The deadline has arrived for creditors to oppose Detroit's request for bankruptcy protection.

Judge Steven Rhodes set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit emergency manager Kevyn Orr.

Creditors include bond holders, insurers, banks, employee pension funds, individuals and companies that provided services.

Orr says Detroit is insolvent and unable to pay off the debt, which could be $18 billion or more. A residents' group told reporters Monday that it objects to Orr's authority as an unelected official to take the city into bankruptcy. The group is being advised by a former city attorney.

Detroit has until Sept. 6 to respond to objections. A trial is set for Oct. 23.

Detroit is the largest U.S. city to seek bankruptcy protection.

Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices