Deadline passes for thousands of creditors in Detroit bankruptcy restructuring vote

July 11, 2014 – In The News
Associated Press
Michael Sweet was quoted in the Associated Press' article, "Deadline passes for thousands of creditors in Detroit bankruptcy restructuring vote." Full text can be found in the July 11, 2014, issue, but a synopsis is below.

July 11th marked the deadline for thousands of creditors to vote on emergency manager Kevyn Orr’s restructuring plan for Detroit.

Michael Sweet explains that without a confirmation of Orr's plan — or other plans down the road — the city's bankruptcy could be dismissed. He clarifies, “The alternative would be very bad. Without a plan there would then be a race to the courthouse by creditors" filing lawsuits to get the money they're owed.

Concluding, Sweet assures that Orr's team has been working hard on deals it can get approved.

This article was also featured in Fox Business and NBC News.