Bankruptcy Judge to Determine Detroit Protections
Bloomberg reported that bankrupt Detroit’s police and fire pensions lost a bid that would delay the city’s $18 billion bankruptcy. The article said that U.S. Bankruptcy Judge Steven W. Rhodes scheduled a July 24 hearing to determine how much protection the city will get as its bankruptcy case moves forward. This hearing grants the city’s request for a quick court date, Bloomberg noted.
According to the article, pension officials cited the July 19 circuit court ruling which noted Judge Rosemarie Aquilina’s criticism of Snyder for “overreaching” his authority when he allowed Detroit’s emergency manager to file for bankruptcy.
To read the entire Bloomberg story, click here.
Previously on abfjournal: City of Detroit Files Largest Muni Bankruptcy in History, July, 19, 2013