Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

City of Detroit Chapter 9 Plan Filed

The City of Detroit (City) filed with the U.S. Bankruptcy Court a Fifth Modified Plan of Adjustment under Chapter 9. A related Disclosure Statement was not filed as a result of the May 5, 2014 order approving the Disclosure Statement. The Plan provides for, among other things, the appointment of a plan monitor and incorporation of a settlement between the City and the 36th District Court claimants and a limited tag general obligation bond settlement. The Plan states, “The Plan Monitor’s sole role and responsibility will be to evaluate the City’s ongoing compliance with the Plan and the Confirmation Order and to report to the Bankruptcy Court on such matters on a periodic basis in writing. Unless otherwise ordered by the Bankruptcy Court, the Plan Monitor shall report to the Bankruptcy Court through Quarterly Reports….Officers of the City, the trustees of GRS and PFRS, the trustees of the Detroit General VEBA and the Detroit Police and Fire VEBA and the Litigation Trustee shall cooperate with the Plan Monitor by providing information reasonably requested by the Plan Monitor in connection with the preparation of Quarterly Reports.”

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