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.
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