DETROIT (AP) - Banks, bond insurers, employee pension systems and others who believe they are owed money by Detroit are up against the clock to legally voice opposition to the largest municipal bankruptcy filing in U.S. history.
A federal judge set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit's state-appointed emergency manager Kevyn Orr. It's one step in a process that could take months or years to complete if Detroit is approved for bankruptcy protection.
The city has until September 6th to file its responses. Orr listed thousands of creditors, including individuals, in his July 18th bankruptcy petition. Orr also said Detroit is insolvent and unable to pay some of its bills, including at least $18 billion in long-term debt. He stopped payment on $2.5 billion in debt in June.
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