Judge to Rule on Detroit Bankruptcy Dec. 3
Will determine whether city can restructure billions in debt
Judge Steven Rhodes plans to discuss his opinion on whether to authorize the city of Detroit's Chapter 9 bankruptcy in a hearing Dec. 3.
Rhodes said in a court filing that he will discuss the opinion at 9 a.m. and plans to issue a written opinion shortly afterward.
His decision will determine whether the city can proceed with a plan to issue a restructuring proposal, called a "plan of adjustment," by year-end. The document would reveal the city's opening proposal on how to dramatically reduce about $18 billion in debt and long-term liabilities.