Judge reschedules trial on Detroit bankruptcy plan
Fri, 07 Mar 2014 14:32:09 GMT —
DETROIT (AP) - A judge has pushed back the trial date on Detroit's plan to emerge from bankruptcy by one month. U.S. Bankruptcy Judge Steven Rhodes set an updated series of deadlines Thursday, including a July 16 trial date. The trial previously had been set for June 16, and the new schedule offers more time for all sides to negotiate and resolve disputes before then. The blueprint from state-appointed emergency manager Kevyn Orr for Detroit's restructuring and debt removal calls for the city to spend $1.5 billion over 10 years to remove blighted properties, upgrade public-safety equipment and technology and make other improvements. Meanwhile, the Detroit Free Press reports that the city on Thursday reached a new deal with Barclays to borrow $120 million to speed the restructuring and invest in services.
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