Detroit Brings In Muni Finance Expert, Plan Adviser
By Maria Chutchian
Law360, New York (April 22, 2014, 4:58 PM ET) -- An adviser who guided New York City through its 1970s financial crisis will usher Detroit on municipal finance matters, while a financial consultant who has engaged in more than 100 restructurings will evaluate the city’s proposed debt adjustment plan, according to court papers filed Tuesday.
U.S. Bankruptcy Judge Steven Rhodes named Richard Ravitch a “non-testifying consultant” in Detroit’s Chapter 9 bankruptcy and Martha Kopacz the expert witness designated with the task of determining the viability of the city’s plan to fix its dour financial situation. Ravitch,...