Creditors File Objections to Detroit Bankruptcy
by Joel R. Glucksman on August 30, 2013
More than 100 objections have been filed by creditors, opposing the eligibility of Detroit to file Chapter 9 municipal bankruptcy of U.S. bankruptcy law. This is a development that may add significant complexity to the question of whether the struggling city will be permitted to move forward with its bankruptcy reorganization proceedings.
Creditors, unions, and retiree groups have all moved before U.S. Bankruptcy Judge Steven Rhodes in opposition to Detroit's right to be in bankruptcy court under Chapter 9 of the Bankruptcy Code. In addition to large banks and bondholders who are fighting the bankruptcy, individual creditors who are afraid of losing their pensions also appeared at the courthouse on Monday to announce their objections.
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