Creditors reach deadline to object to bankruptcy - New York News

Creditors reach deadline to object to bankruptcy

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  • Detroit BankruptcyMore>>

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    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.

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.

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    NJ TransitNJ Transit
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  • Toddler falls from 3-story window, not hurt

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    Wednesday, April 23 2014 2:04 PM EDT2014-04-23 18:04:22 GMT
    New York City police say a 2-year-old boy fell out of a third-story window overnight but was not hurt.
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