Creditors reach deadline to object to bankruptcy - New York News

Creditors reach deadline to object to bankruptcy

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  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.

By COREY WILLIAMS
Associated Press

DETROIT (AP) -- The deadline has arrived for creditors to oppose Detroit's request for bankruptcy protection.

Judge Steven Rhodes set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit emergency manager Kevyn Orr.

Creditors include bond holders, insurers, banks, employee pension funds, individuals and companies that provided services.

Orr says Detroit is insolvent and unable to pay off the debt, which could be $18 billion or more. A residents' group told reporters Monday that it objects to Orr's authority as an unelected official to take the city into bankruptcy. The group is being advised by a former city attorney.

Detroit has until Sept. 6 to respond to objections. A trial is set for Oct. 23.

Detroit is the largest U.S. city to seek bankruptcy protection.

  • Local NewsLocal NewsMore>>

  • Fire destroys 3 stores in Long Island

    Fire destroys 3 stores in Long Island

    Thursday, July 24 2014 6:52 AM EDT2014-07-24 10:52:44 GMT
    A fire started in a shoe repair store in Long Island and destroyed two other stores on Thursday morning.Firefighters were called to Willis Avenue and Goodrich Street in Williston Park around 2:30 a.m.They believe the fire started in a shoe repair store and spread to a dry cleaner and a bar.13 fire departments responded to the blaze. The fire is not under control yet.No injuries were reported.
    A fire started in a shoe repair store in Long Island and destroyed two other stores on Thursday morning.Firefighters were called to Willis Avenue and Goodrich Street in Williston Park around 2:30 a.m.They believe the fire started in a shoe repair store and spread to a dry cleaner and a bar.13 fire departments responded to the blaze. The fire is not under control yet.No injuries were reported.
  • FAA ends ban on U.S. flights to Tel Aviv

    FAA ends ban on U.S. flights to Tel Aviv

    Thursday, July 24 2014 5:39 AM EDT2014-07-24 09:39:16 GMT
    The Federal Aviation Administration has lifted its ban on U.S. carriers from flying to Tel Aviv. The announcement was made late Wednesday night.The FAA had extended the ban on Thursday afternoon after its first ban went into effect 24 hours earlier. The decision was made after a rocket launched into Israel from Gaza landed near the Ben Gurion Airport.
    The Federal Aviation Administration has lifted its ban on U.S. carriers from flying to Tel Aviv. The announcement was made late Wednesday night.The FAA had extended the ban on Thursday afternoon after its first ban went into effect 24 hours earlier.  The decision was made after a rocket launched into Israel from Gaza landed near the Ben Gurion Airport.
  • Funeral for man who died after NYPD choke hold arrest

    Funeral for man who died after NYPD choke hold arrest

    Wednesday, July 23 2014 10:46 PM EDT2014-07-24 02:46:09 GMT
    An overflow crowd packed a church on Wednesday night for the funeral of a man who died in police custody after an officer placed him in an apparent choke hold. Eric Garner's relatives stopped in front of his open casket, some weeping and wailing. A preacher opened the service at Brooklyn's Bethel Baptist Church with a mix of solemn prayer and an organ-backed gospel medley.
    An overflow crowd packed a church on Wednesday night for the funeral of a man who died in police custody after an officer placed him in an apparent choke hold. Eric Garner's relatives stopped in front of his open casket, some weeping and wailing. A preacher opened the service at Brooklyn's Bethel Baptist Church with a mix of solemn prayer and an organ-backed gospel medley.
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