Feb. 24 (Bloomberg) — A Detroit judge set a course for ending the biggest municipal bankruptcy in U.S. history, giving the city and creditors about four months to argue over a plan that seeks to reduce debt at the expense of unions, retirees and bondholders.
U.S. Bankruptcy Judge Steven Rhodes today scheduled a June 16 starting date for a trial where Detroit officials will try to convince him that the plan is feasible and the best way to revitalize the city.
The plan, filed last week, would cut Detroit's record $18 billion debt load and put the city on a path toward exiting court protection by September, when emergency manager Kevyn Orr could be removed from his post by the city council.
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