Detroit to Make Case for Bankruptcy Before JudgeOctober 22, 2013 – In The News
Michael Sweet was quoted in The Wall Street Journal article "Detroit to Make Case for Bankruptcy Before Judge." While the full text can be found in the October 22, 2013, issue of The Wall Street Journal, a synopsis is noted below.
The hearing to determine Detroit’s eligibility for bankruptcy protection kicks off Wednesday, with U.S. Bankruptcy Judge Steven Rhodes set to hear a slew of objections to the city’s filing. Representatives from unions, pension funds and retired city employees plan to challenge the city’s claim that it is insolvent, despite an estimated $18 billion of long-term liabilities.
“There is a very high likelihood that the city will be found eligible,” said Michael Sweet. “I can’t imagine what would happen if the city were to be found ineligible.”