Detroit bankruptcy case will be back in court on Wednesday, focusing on the Plan of Adjustment

DETROIT (WXYZ) - Detroit's bankruptcy case is back in court Wednesday to prepare for the big trial next month.

Judge Steven Rhodes will take up legal and procedural issues in Detroit’s Plan of Adjustment and whether it should be confirmed by the court.

Some Wall Street creditors stand to lose hundreds of millions of dollars.

Detroit retirees will face less severe pension cuts and the city's art collection would be saved by the so-called grand bargain, if approved.

Creditors’ votes on the plan will be given to the court no later than next Monday. Sources say a majority of retirees has approved the plan.

The trial is set to start august 14 and could last a month.

Print this article Back to Top

Comments