Detroit, Creditors Lay Groundwork For Fight Over Bankruptcy Plan
Detroit claimed on Wednesday that its plan to adjust its debt and exit bankruptcy is feasible and fair to creditors, but a bond insurance company contended the plan calls for “historic levels of discrimination” among creditors. Bruce Bennett, a Jones Day attorney representing Detroit, wrapped up his three-hour opening statement by disputing arguments from creditors who claim the city’s plan to adjust its $18 billion in debt is inadequate and should be scrapped.
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