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Fri Sep 5, 2014, 06:07 AM

Detroit CFO to return to stand in bankruptcy trial

http://hosted.ap.org/dynamic/stories/U/US_DETROIT_BANKRUPTCY?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULT

Detroit CFO to return to stand in bankruptcy trial
Sep 5, 2:46 AM EDT

DETROIT (AP) -- Detroit's chief financial officer is set to return to the witness stand for a second day in the city's historic bankruptcy trial.

Attorneys for creditors opposed to Detroit's bankruptcy and the city's debt restructuring plan will resume their cross-examination of John Hill on Friday. Hill was questioned Thursday by an attorney representing the city and a lawyer representing bond insurer Syncora Guarantee.

Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which federal Judge Steven Rhodes must approve.

Most creditors, including more than 30,000 retirees and city employees, have endorsed it. Syncora and some other financial creditors say the plan is unfair.

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Reply Detroit CFO to return to stand in bankruptcy trial (Original post)
unhappycamper Sep 2014 OP
Demeter Sep 2014 #1

Response to unhappycamper (Original post)

Fri Sep 5, 2014, 06:45 AM

1. It is with a sense of bitter irony

 

that I note that the creditors' objections to Kevin Orr are the same as mine...

and the responsibility for all this lays on Snyder's shoulders.

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