April 17 (Bloomberg) — Detroit's bankruptcy judge withheld a final ruling on whether to approve materials explaining to creditors the city's plan to shrink $18 billion in debt.

U.S. Bankruptcy Judge Steven Rhodes overruled initial objections to the disclosure statement today at a hearing in federal court in Detroit. The city asked Rhodes to schedule another hearing later this month to resolve any further objections and have the judge make a final ruling.

Detroit will add more details about the plan to the disclosure statement, which will help creditors decide how to vote, after reaching agreements this month with some bondholders and the city's two pension systems.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.