Seeking Alpha

Deadline nears for opponents of Detroit's Chapter 9 filing

  • Opponents of Detroit's bankruptcy have until 11:59 p.m. ET tonight to file their objections.
  • The city's retirement systems for municipal, police and fire workers have already said they will submit their objections, while other creditors who could do so include bondholders, bond insurers and vendors. Until now, just a handful of former city employees have submitted their objections.
  • To persuade a judge to let its bankruptcy go ahead, Detroit must demonstrate that it is insolvent and negotiated in good faith with its creditors, or that there were too many to make such talks feasible. The city has published a list of creditors that filled 3,504 pages.
  • A hearing on Detroit's eligibility for Chapter 9 is scheduled for October 23.
  • Municipal ETFs: MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU.
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