DETROIT - Local 4's Rod Meloni is in court as a judge overseeing Detroit's bankruptcy is considering a recent agreement to pay off banks and settle millions of dollars in debt tied to an interest rate swap deal.
The status conference has begun and ended in about ten minutes. There was a discussion of motion to dismiss from the city regarding objector complaints. The city wants to wait now on that hearing until Friday or Monday. That was it. The only news so far that's come from this is that the City of Detroit Intends to file its plan of adjustment next week. Now, they've said that before but March 1st is the deadline and Judge Rhodes asked "Wouldn't it be nice to have some measure of direction before it is filed?" The city's attorney responded by saying the city is feeling squeezed for time. Judge Rhodes has pulled attorneys into Judge Friedman's study for a more detailed and private status conference. It appears we are finished for the day, but we cannot say for certain.
Download: Detroit Bankruptcy filing December 2013
More Detroit bankruptcy stories:
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- Meloni: Detroit might sue swap banks
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