The Hon. Steven W. Rhodes of the U.S. District Court for the Eastern District of Michigan has ruled that Detroit may proceed with its Chapter 9 bankruptcy. Judge Rhodes explained his ruling for over an hour from the bench, finding Chapter 9 itself to be constitutional, and addressing other challenges including the requirements of Michigan state law, whether the city had bargained in good faith, and the extent to which pensions could be cut in the eventual plan to emerge from bankruptcy. The written decision is not yet available, but check back later in the day and it will be posted here.
Detroit Bankruptcy Will Proceed, Judge’s Comments about Detroit Institute of Arts Could Affect Involvement or Sale of Artwork
Topics: kevyn, DIA collection sale, Steven W. Rhodes, U.S. District Court for the Eastern District of Mi, Christie's, Detroit, Detroit Institute of Arts, DIA, Detroit Bankruptcy