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Fast track set on Detroit bankruptcy
The manager of Detroit, former Jones Day partner Kevyn Orr, is getting full judicial co-operation to move the city's bankruptcy proceedings ahead as fast as possible.
Detroit Andrey Bayda
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A crucial hearing to decide if the city can get protection from some creditors has been brought forward to September 18, five weeks ahead of the date that Judge Steven Rhodes originally set. Detroit's is the largest city bankruptcy ever filed and will set precedents for other municipal insolvencies.
Judge Rhodes wrote, according to Reuters,: 'A prompt oral argument on these legal issues will promote just, speedy and efficient determination of the city's eligibility to be a debtor.' Kevyn Orr will have to prove that the city is insolvent. But 109 objections have been filed, and include claims that bankruptcy would lead to an unconstitutional reduction of benefits for municipal pensioners.
