If Detroit Files for Bankruptcy, Case Likely to Stay LocalJune 30, 2013 – In The News
Michael Sweet was quoted in the Detroit Free Press article "If Detroit Files for Bankruptcy, Case Likely to Stay Local." While the full text can be found in the June 30, 2013, issue of Detroit Free Press, a synopsis is noted below.
Many weighing in on the City of Detroit’s financial crisis do not believe the city will meet the same fate as auto companies from the city did when they filed for bankruptcy in 2009, with their cases ending up in New York. Should Detroit file for Chapter 9 protection, many believe the city’s financial welfare will rest with a hometown judge.
Michael Sweet believes the Michigan bankruptcy judges are well-equipped to handle the case, saying “Chapter 9 cases are similar, in many ways, to Chapter 11 business cases, so even judges who have not handled Chapter 9 cases in the past will not be unfamiliar with the proceedings.”