Objections arise against Detroit's legal right to file for bankruptcy corgarashu
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The objections - which attack Detroit's legal authority to file for bankruptcy - will be heard on 23 October, according to USA Today. The city has$18 billion of debts. Kevyn Orr and his team have asked all creditors to take a significant hit on what they are owed. If the objections are not sustained, Detroit is on course to become the largest city bankruptcy ever.
Michael Sweet, a bankruptcy lawyer at Fox Rothschild told The Financial Times: 'With $18bn in the hole, I think it’s unlikely that anyone will make an insolvency argument.'
Kevyn Orr resigned from Jones Day when he took on the Detroit post but has been advised by ex-colleagues at the firm.
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