Detroit: one of 100 statement objections resolved; amendment delayed

By Caroline Salls

Pittsburgh, April 16 - The City of Detroit said it resolved only one of 100 objections to the disclosure statement for its plan of arrangement by parties in interest, but that it did make significant progress in meetings and communications with objectors in narrowing the range of topics to be presented at the April 17 disclosure statement hearing.

According to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan, the meetings and communications with parties in interest resulted in "significant revisions" to the disclosure statement.

A second amended disclosure statement will be filed as soon as possible, the city said.

Detroit said some of the outstanding objections may ultimately be resolved by additions made to the disclosure statement, but it is unable to confirm any of those resolutions because of a delay in filing the second amended statement.

The city said the delay stems from its desire to accommodate the mediation process.

On Wednesday, judge Steven Rhodes set the procedures for the April 17 disclosure statement hearing.

Specifically, the city will have 20 minutes to make an opening presentation, each party who filed an objection and participated in the court-ordered meet and confer process will have five minutes to argue their objection, and the city will then have 30 minutes to respond to the objections.

Detroit filed bankruptcy on July 18, 2013 under Chapter 9 case number 13-53846.

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