March 26 (Bloomberg) — Detroit, preparing for a final push to end its record-setting bankruptcy, won another 90 days to decide whether to keep or cancel leases on public buildings it uses, including a group of mini-police stations.
City officials today won the extended deadline from U.S. Bankruptcy Judge Steven Rhodes in Detroit. The city leases eight police-related buildings, including four mini-stations, as well as other locations. It asked to have until July 2 to decide on the leases.
Detroit will ask the judge April 14 to let it seek votes from retirees, bondholders and other creditors on a debt- reduction plan filed last month by emergency manager Kevyn Orr. That plan would reduce pensions to police officers, firefighters and other city employees and cut payments to bondholders.
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The city filed for bankruptcy on July 18, listing $18 billion in debt and saying it couldn't pay creditors while also providing basic services. Since then it has been in mediation with creditors trying to find a way to reduce debt and increase revenue.
The case is In re City of Detroit, 13-bk-53846, U.S. Bankruptcy Court, Eastern District of Michigan (Detroit).
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