Detroit emergency manager wants bankruptcy plan confirmed by fall

Reuters News
Posted: Mar 24, 2014 2:37 PM

NEW YORK (Reuters) - Detroit's emergency manager said on Monday he hopes the city's plan for financial restructuring will be approved and in place by the fall.

"We hope to have the hearing completed by the middle of August or so," the state-appointed manager, Kevyn Orr, said during an event on Detroit's historic bankruptcy filing at the Manhattan Institute. "The court would either approve or disapprove - we hope it's going to approve - that plan after the hearing in August, hopefully by the fall."

That will be more than a year since the Motor City filed for bankruptcy protection, the largest municipal filing in U.S. history.

On Monday, the Detroit News reported that about 32,000 municipal retirees and beneficiaries will soon vote on the restructuring plan and will receive ballots before April 28.

Orr spokesman Bill Nowling said the unusual balloting process will be filed with the courts "as soon as it is ready."

(Reporting by Ed Krudy; Additional reporting and writing by Lisa Lambert in Washington; Editing by James Dalgleish)