Detroit May File for Bankruptcy as Early as Friday

July 18, 2013 – In The News
Reuters

Michael Sweet was quoted in the Reuters article "Detroit May File for Bankruptcy as Early as Friday." While the full text can be found in the July 18, 2013, issue of Reuters, a synopsis is noted below.

Detroit has begun final preparations to file for federal bankruptcy, a move that could come as early as Friday morning.

Some attorneys say the city’s emergency manager, Kevyn Orr, has great incentive to move forward with the bankruptcy filing rather than risk having a state court rule he cannot make such a move, which would complicate Orr’s actions.

“I think the uncertainty of allowing a state court to interfere with his ability to file for Chapter 9 is a risk that is too great for Orr to accept,” said Michael Sweet.