An attorney for Detroit is set to resume his opening statement at the city's historic bankruptcy trial, after saying on the first day that Detroit needs the restructuring to survive.
An attorney for Detroit is set to resume his opening statement at the city’s historic bankruptcy trial, after saying on the first day that Detroit needs the restructuring to survive.
Opening statements also are expected Wednesday from supporters of the city’s debt restructuring plan and creditors that oppose it.
The trial over the largest municipal bankruptcy in U.S. history began with attorney Bruce Bennett telling federal judge Steven Rhodes that Detroit’s plan to restructure billions of dollars in debt is needed to free up funds to provide services to residents.
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which must be approved by Rhodes.
- Pursuit of big-money contract comes at a cost for Seahawks QB Russell Wilson
- Seattle man charged with vehicular homicide in cyclist’s death
- Paying the bill for U.S. Open at Chambers Bay
- ‘Historic’ tuition cut sets state apart from rest of U.S.
- As Puget Sound sweats, few air conditioners are cooling us down
Most Read Stories
Rhodes has scheduled trial dates through September and into October. Dozens of witnesses could be called.