DETROIT - The judge who is overseeing Detroit's bankruptcy filing says he wants to give the city until March 2014 to come up with a plan.
U.S. Bankruptcy Judge Steven Rhodes on Tuesday released a list of proposed deadlines in the case -- covering everything from witness lists to depositions to motion hearing dates.
Rhodes said he will be consulting with all parties involved about the dates before anything is finalized.
Michigan Gov. Rick Snyder signed off on Detroit's bankruptcy on July 18, calling it the only "feasible path" for a city whose population has plummeted to 700,000 from 1.8 million decades ago. Detroit has $18 billion in long-term debt.
In March, Snyder appointed a bankruptcy expert, Kevyn Orr, as Detroit's emergency manager. Orr had sweeping powers to reshape city finances but recommended bankruptcy to the governor after failing to reach any significant deals with creditors, including Wall Street bankers and Detroit pension funds. Many of those creditors, however, accused him of being inflexible and believe bankruptcy always was the plan.
Detroit has more than double the population of Stockton, Calif., which had been the largest U.S. city to file for bankruptcy before Detroit trumped it last week.
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