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Originally published September 2, 2014 at 5:45 AM | Page modified September 3, 2014 at 2:37 AM

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Openings to resume in Detroit bankruptcy trial

An attorney for Detroit is set to resume his opening statement at the city's historic bankruptcy trial, after saying on the first day that Detroit needs the restructuring to survive.


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This is just the first major US city to go bankrupt. Expect to see a lot more of this in the next few years. And... MORE
Another example of liberals spending themselves into oblivion. For the future of Seattle see Detroit. MORE
@North You make a claim that you are incapable of explaining. MORE

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DETROIT —

An attorney for Detroit is set to resume his opening statement at the city's historic bankruptcy trial, after saying on the first day that Detroit needs the restructuring to survive.

Opening statements also are expected Wednesday from supporters of the city's debt restructuring plan and creditors that oppose it.

The trial over the largest municipal bankruptcy in U.S. history began with attorney Bruce Bennett telling federal judge Steven Rhodes that Detroit's plan to restructure billions of dollars in debt is needed to free up funds to provide services to residents.

Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which must be approved by Rhodes.

Rhodes has scheduled trial dates through September and into October. Dozens of witnesses could be called.



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