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Reuters: Deadline Looms for Creditors to Object Detroit Bankruptcy

August 19, 2013, 07:14 AM
Filed Under: Bankruptcy

Reuters reported Detroit's public-employee pension funds, bondholders, bond insurers, vendors, retirees and others expected to oppose the city's bankruptcy filing have until the end of the day today to file objections in U.S. Bankruptcy Court. According to the Reuters report, to date, only a few former city workers have filed objections with the court.

Reuters said that earlier this month, Detroit released a list of creditors, including current, former and retired workers, that filled 3,504 pages in a court document. Another filing by Kevyn Orr, Detroit's state-appointed emergency manager, said that "further negotiations with all of the city's various stakeholders is impracticable."

According to Reuters, Orr's filing included outlined Detroits financial troubles including more than $18 billion in debt and other obligations with nearly $12 billion of that amount considered unsecured.

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