Detroit mayor, officials celebrate approval of bankruptcy plan
- 10 years ago
ROUGH CUT (NO REPORTER NARRATION)
A U.S. judge on Friday (November 7) confirmed Detroit's plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy.
The ruling by U.S. Bankruptcy Court Judge Steven Rhodes, who is overseeing the historic case, came more than two months after the start of a hearing to determine whether the 1,165-page plan was fair to creditors and feasible for the city to implement.
Speaking from the bench, Rhodes said the city acted in good faith when it proposed its plan to shed about $7 billion of debt and invest $1.7 billion over the next several years to improve services and attract residents and business.
Reacting to the ruling later in the day, Chief U.S. District Court Judge Gerald Rosen, who was the lead bankruptcy mediator, said it was "an historic day" not just for Detroit, but for the entire state of Michigan.
"Although we have come to the end of a chapter in Detroit's storied history -- Chapter 9," he jok
A U.S. judge on Friday (November 7) confirmed Detroit's plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy.
The ruling by U.S. Bankruptcy Court Judge Steven Rhodes, who is overseeing the historic case, came more than two months after the start of a hearing to determine whether the 1,165-page plan was fair to creditors and feasible for the city to implement.
Speaking from the bench, Rhodes said the city acted in good faith when it proposed its plan to shed about $7 billion of debt and invest $1.7 billion over the next several years to improve services and attract residents and business.
Reacting to the ruling later in the day, Chief U.S. District Court Judge Gerald Rosen, who was the lead bankruptcy mediator, said it was "an historic day" not just for Detroit, but for the entire state of Michigan.
"Although we have come to the end of a chapter in Detroit's storied history -- Chapter 9," he jok