Wednesday, July 24, 2013

Breaking: Detroit bankruptcy is back on...

Via The Detroit News:
A bankruptcy judge has overruled objections to the city’s bankruptcy filing, freezing several lawsuits filed against Detroit and will allow the bankruptcy case to proceed in federal court.
U.S. District Judge Steven Rhodes also decided Wednesday that an automatic stay triggered by Detroit’s Chapter 9 filing extends to Emergency Manager Kevyn Orr, Gov. Rick Snyder and members of the restructuring team.
The decision comes after city lawyers — during a hearing that lasted almost two hours over the biggest municipal bankruptcy case in U.S. history — argued Wednesday morning that Detroit would be “irreparably harmed” if retirees were able to block its Chapter 9 filing.

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