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>>

  • Lawsuit settlements reached in Metro-North crash

    Lawsuit settlements reached in Metro-North crash

    Monday, September 15 2014 8:39 PM EDT2014-09-16 00:39:39 GMT
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a Bridgeport train crash last year have settled with the commuter railroad.
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a train crash in Connecticut last year have settled with the commuter railroad.
  • A history classroom in the real world

    A history classroom in the real world

    Monday, September 15 2014 7:09 PM EDT2014-09-15 23:09:49 GMT
    When Denis Belliveau is teaching kids about Marco Polo, he is in his element. He makes the explorer's journey come alive by taking students on a No. 7 train ride through Queens, New York's most diverse borough. He brings history alive for his students. Along the way the students stop in neighborhoods that mirror Polo's trip. I caught up with the class in Flushing, Queens, which easily resembles China.
    When Denis Belliveau is teaching kids about Marco Polo, he is in his element. He makes the explorer's journey come alive by taking students on a No. 7 train ride through Queens, New York's most diverse borough. He brings history alive for his students. Along the way the students stop in neighborhoods that mirror Polo's trip. I caught up with the class in Flushing, Queens, which easily resembles China.
  • Etan Patz murder confession played in court

    Etan Patz murder confession played in court

    Monday, September 15 2014 6:43 PM EDT2014-09-15 22:43:37 GMT
    A judge allowed a confession tape to be played in court in connection with the case of Etan Patz, who vanished in 1979. On the tape, Pedro Hernandez described how he killed Patz. But his lawyers say Hernandez falsely confessed and doesn't understand his rights. Before Hernandez's videotaped confession was played, Patz's mother quickly left the courtroom unable to watch the video.
    A judge allowed a confession tape to be played in court in connection with the case of Etan Patz, who vanished in 1979. On the tape, Pedro Hernandez described how he killed Patz. But his lawyers say Hernandez falsely confessed and doesn't understand his rights. Before Hernandez's videotaped confession was played, Patz's mother quickly left the courtroom unable to watch the video.
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