Detroit’s Debt Restructuring Plan “Complicated”February 1, 2014 – In The News
Michael Sweet was quoted in the Associated Press article “Detroit’s Debt Restructuring Plan ‘Complicated.’” While the full text can be found in the February 1, 2014, issue of the Associated Press, a synopsis is noted below.
The plan given to city unions, retirees, two pension systems, banks, bondholders and other creditors earlier this week by Detroit emergency manager Kevyn Orr is being touted as the blueprint for the city’s future, as it tries to work its way through the largest municipal bankruptcy in U.S. history.
According to attorneys however, the plan isn’t clear on what percentage creditors will receive of what they’re actually owed.
“It’s complicated,” said Michael Sweet. “There are clearly a lot of moving parts and there’s a lot of thought that has gone into this.”