Creditors reach deadline to object to bankruptcy - FOX 10 News | myfoxphoenix.com

Creditors reach deadline to object to bankruptcy

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  • Detroit BankruptcyMore>>

  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

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    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.

By COREY WILLIAMS
Associated Press

DETROIT (AP) -- The deadline has arrived for creditors to oppose Detroit's request for bankruptcy protection.

Judge Steven Rhodes set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit emergency manager Kevyn Orr.

Creditors include bond holders, insurers, banks, employee pension funds, individuals and companies that provided services.

Orr says Detroit is insolvent and unable to pay off the debt, which could be $18 billion or more. A residents' group told reporters Monday that it objects to Orr's authority as an unelected official to take the city into bankruptcy. The group is being advised by a former city attorney.

Detroit has until Sept. 6 to respond to objections. A trial is set for Oct. 23.

Detroit is the largest U.S. city to seek bankruptcy protection.

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  • Migrant teens from Central America to be housed in Farmington Hills

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    Friday, August 1 2014 12:10 AM EDT2014-08-01 04:10:56 GMT
    Illegal immigrant teens from Central America to be housed in Farmington HillsTwenty-four illegal immigrant teens from Central America will soon be housed at Wellspring Lutheran Services in Farmington Hills, which has secured a federal contract. The immigration issue is a major one, and what seemed far, far away is now coming closer and closer to home."We've been watching this for six, eight weeks now, now it's Michigan," said William Largent, president and CEO of Meskwaki. the business arm of...
    Illegal immigrant teens from Central America to be housed in Farmington HillsTwenty-four illegal immigrant teens from Central America will soon be housed at Wellspring Lutheran Services in Farmington Hills, which has secured a federal contract. The immigration issue is a major one, and what seemed far, far away is now coming closer and closer to home."We've been watching this for six, eight weeks now, now it's Michigan," said William Largent, president and CEO of Meskwaki. the business arm of...
  • VIDEO: Witness says man roughed up by Clinton Township police, hospital security

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    In a video spreading across social media, a Michigan man says police and hospital security roughed up a man.
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  • Large two truck crash closes I-75, second accident nearby

    Large two truck crash closes I-75, second accident nearby

    Thursday, July 31 2014 10:57 PM EDT2014-08-01 02:57:29 GMT
    A crash involving two semi trucks shut down I-75 tonight, according to Michigan State Police.
    A crash involving two semi trucks shut down I-75 tonight, according to Michigan State Police.
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