In a historic ruling handed down Tuesday, U.S. Bankruptcy Judge Steven Rhodes approved Detroit's Chapter 9 petition and made the Motor City the largest U.S. municipality ever to declare itself legally insolvent. Rhodes' decision, which also permits the cutting of city pension obligations and the sale of municipal assets, means htat more than a dozen Am Law 200 firms will continue to rack up fees advising clients in the case.
December 03, 2013 at 06:30 PM
1 minute read
The original version of this story was published on Law.Com
UPDATE: 12/5/13, 5:00 p.m. EST. Click here for a copy of Rhodes’ 143-page eligibility ruling.
In a historic ruling handed down Tuesday, U.S. Bankruptcy Judge Steven Rhodes approved Detroit’s Chapter 9 petition and made the Motor City the largest U.S. municipality ever to declare itself legally insolvent.
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