Creditors who oppose the proposed settlement of Detroit's bankruptcy case have been having their say to the judge deciding whether to approve it.
Creditors who oppose the proposed settlement of Detroit’s bankruptcy case have been having their say to the judge deciding whether to approve it.
Thursday will be the third day of opening statements in the trial over the largest municipal bankruptcy in U.S. history.
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which a judge must approve. Most creditors, including more than 30,000 retirees and city employees, have endorsed it.
Bond insurers Syncora Guarantee and Financial Guaranty Insurance Co. lead a small list of creditors opposing it. The insurers and the city have made their opening statements.
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The proceedings could take many days, with dozens of witnesses — including the state-appointed emergency manager and possibly Detroit’s mayor — called to testify.