According to USA Today Detroit will give it’s closing arguments in its historic bankruptcy trial Monday at 9am:
Detroit on Monday makes its final argument in bankruptcy court that it has a fair and practical plan to pay creditors billions less than they are owed while restoring city services to an adequate level.
U.S. Judge Steven Rhodes to decide whether Detroit’s bankruptcy exit strategy is fair to creditors, feasible and within the requirements of federal bankruptcy code. His ruling is expected the week of Nov. 3.
Detroit filed for bankruptcy protection in July 2013 with an estimated $18 billion in long-term obligations.
The city’s current debt-cutting plan calls for a $7 billion reduction in debt and a $1.4 billion reinvestment in removing blighted buildings and boosting police and fire services.
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