Detroit awaits challenges to bankruptcy eligibility

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Detroit awaits challenges to bankruptcy eligibility

by Wochit 0:46 mins

Detroit awaits challenges to bankruptcy eligibility

by Wochit 0:46 mins

Unions, creditors and retirees are expected to file formal objections to Detroit?s eligibility for bankruptcy protection, the opening of a legal fight over whether the largest municipal bankruptcy in the nation?s history should proceed. Banks, bond insurers, employee pension systems and others who believe they are owed money by Detroit are up against the clock to legally voice opposition to the largest municipal bankruptcy filing in U.S. history.A federal judge set August 19th as the eligibility objection deadline in the bankruptcy petition by Detroit's state-appointed emergency manager Kevin Orr.

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