Detroit bankruptcy: review date announced
June 26, 2014
by The Associated Press
Creditors have until July 11 to vote on Detroit's plan to get out of bankruptcy
DETROIT—The judge in Detroit’s bankruptcy case is expected to get an update on the voting process from city lawyers.
Creditors have until July 11 to vote on Detroit’s plan to get out of bankruptcy. They include thousands of retirees and current employees who are considering pension cuts and changes to health insurance.
MORE: Spate of deals could speed Detroit’s exit from bankruptcy
Judge Steven Rhodes is holding a hearing June 26.
The docket includes a dispute over whether Attorney General Bill Schuette must sit for a deposition with lawyers from a bond insurer.
He will start a trial on Aug. 14 on Detroit’s plan. He must find that it’s fair and feasible in order for the city to move forward. The votes from various classes of creditors will be part of that review.
