Kevyn Orr referred to the herculean task of fixing the City’s financial woes as the “Olympics of Restructuring.” Mr. Orr has officially entered the medal round based upon the recent filing of the City of Detroit’s Plan of Adjustment, which sets forth his proposal for repayment of creditors and his vision for improving services for City residents. Very shortly, Mr. Orr will attempt to earn the gold medal of restructuring by obtaining Bankruptcy Court approval of his plan.
These materials provide an overview of municipal bankruptcy and Debtor’s bankruptcy filing and examine some of the critical issues in Detroit’s upcoming plan confirmation hearing.
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