Detroit bankruptcy to last at least a year: emergency manager

Reuters News
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Posted: Jul 18, 2013 6:43 PM
Detroit bankruptcy to last at least a year: emergency manager

By Deepa Seetharaman

DETROIT (Reuters) - Detroit, which filed the largest-ever municipal bankruptcy in U.S. history on Thursday, could complete the process by late summer or fall of 2014, the city's emergency manager said on Thursday.

Detroit Emergency Manager Kevyn Orr was speaking to reporters a few hours after the city filed for Chapter 9 bankruptcy protection. Creditors are expected to mount a stiff challenge to the bankruptcy, which was filed in the U.S. Bankruptcy Court in the Eastern District of Michigan.

(Reporting by Deepa Seetharaman; Editing by Gary Hill)