Jones Day is poised for a fee windfall after landing the lead advisory role on the bankruptcy of Detroit, just four months after being hired by the US city to advise on financial matters.
The role on what is set to become the largest municipal bankruptcy in US history is likely to prove lucrative for the firm, given the vast amount of creditors preparing to file claims for money owed by the city. Detroit, which filed for Chapter 9 bankruptcy last Thursday (18 July), has debts totalling as much as $18bn (£12bn).
