Will Detroit's POA Be DOA With Creditors?

January 30, 2014

Photo Credit | This is Detroit

“There isn’t an abundance of precedent in the Chapter 9 world. So, everybody right now will be fighting as hard as they can to get every last dollar and the biggest piece of the pie that they can, but in reality Judge Rhodes has the final say as to what the bankruptcy code allows the city and the creditors to do.”

—Douglas Bernstein, Plunkett Cooney

Detroit Emergency Manager Kevyn Orr has given creditors his plan to restructure the city’s debt. He’s not sharing the details yet, saying it could change before he submits a final “plan of adjustment” with the bankruptcy court. Plunkett-Cooney bankruptcy attorney Doug Bernstein specializes in creditor rights. He tells WDET’s Pat Batcheller what a plan of adjustment usually covers. Click on the audio link above to hear the conversation.

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Photo Credit | This is Detroit