Reuters reported here on Monday that Detroit and seven of the creditors that had appealed to the Sixth Circuit Court of Appeals have asked that court to "suspend" proceeding on the appeals. These creditors have cut deals with the city and so see no reason to challenge the city's right to be in bankruptcy. No word on the two "outsiders," Syncora and Federal Guaranty Insurance Company.
Only 17 days to the beginning of the hearing on confirmation of Detroit's plan of adjustment. I expect some further wheeling and dealing but I suspect that unless Syncora and Federal Guaranty essentially cave in, of significant creditors, only they will be in opposition to confirmation.
Only 17 days to the beginning of the hearing on confirmation of Detroit's plan of adjustment. I expect some further wheeling and dealing but I suspect that unless Syncora and Federal Guaranty essentially cave in, of significant creditors, only they will be in opposition to confirmation.
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