Slow Talks Could Hasten Detroit Bankruptcy FilingJuly 17, 2013 – In The News
Michael Sweet was quoted in the Associated Press article "Slow Talks Could Hasten Detroit Bankruptcy Filing." While the full text can be found in the July 17, 2013, issue of Associated Press, a synopsis is noted below.
Following weeks of slow-moving talks between Detroit’s emergency manager Kevyn Orr and creditors, public pension funds and unions, only one deal has been reached in an attempt to fix the city’s finances.
Michael Sweet believes a Chapter 9 filing could be seen as a last resort for the city. “It certainly will be a heavy lift to make it happen, but the movement of a major creditor or two could dramatically change the landscape in a way that would indicate a bankruptcy filing may not have to be the outcome,” Sweet said.