Detroit Bankruptcy Trial Is Being Postponed
Aug. 13, 2014
(Detroit, MI) -- Detroit's attempt to get out of the largest municipal bankruptcy in U.S. history is being postponed for a second time. A federal judge ruled today that the trial will begin on the Friday before the Labor Day holiday on September 2nd. The main reason for the delay is due to the complicated settlement resting on the five-billion dollar tender offer of the city's water and sewer revenue bonds. U.S. Bankruptcy Judge Steve Rhodes will have to decide whether or not Detroit's plan to adjust 18-billion of debt is fair.