eBlog.11.07.14.docx

Visibility: Open to anyone

    U.S. Bankruptcy Judge Steven Rhodes, this afternoon, noting that “[T]his city is insolvent and desperately needs to fix its future,” approved the City of Detroit’s plan of adjustment, ending the largest municipal bankruptcy in American history. Judge Rhodes, in his statement, reminded the court of the importance of the law, enacted under former President Ronald Reagan’s signature in 1988: “In Chapter 9 of the United States Bankruptcy Code, the federal government provides help” to cities,” he said: “Today this federal bankruptcy court grants that help…the court confirms the plan,” in effect determining the Motor City’s plan to be fair and feasible, and overruling the objections of a handful of retirees who still opposed it.