Detroit Ch. 9 Judge Sets March Deadline For $18B Debt Plan
By Kathryn Brenzel
Law360, New York (July 30, 2013, 5:08 PM ET) -- A Michigan bankruptcy judge said Tuesday that Detroit would have until March 1 to address its $18 billion in debt, a proposed deadline that would follow an October trial if the financially stalled Motor City survives challenges to its Chapter 9 eligibility.
The timeline calls for Detroit's debt adjustment plan much sooner than the date proposed by the city's Emergency Manager Kevyn Orr: September 2014. U.S. Bankruptcy Judge Steven W. Rhodes' deadline hinges on the outcome of a trial over the city's eligibility for Chapter 9...