April 18 (Bloomberg) — Detroit is close to agreements with more creditors on a plan to reduce its $18 billion debt load, lawyers for the city told a judge who withheld a final ruling on whether to allow a vote on the proposal.
"We have made, in our view, very significant progress," David Heiman, a lawyer for the city with Jones Day, told U.S. Bankruptcy Judge Steven Rhodes yesterday in Detroit.
The city reached agreements two days ago with its two pension systems, after settling with some bondholders last week. Pending accords may push back the deadlines for creditor votes by 11 or 12 days, potentially delaying a hearing set for July where Rhodes will consider approving the plan to end the largest-ever U.S. municipal bankruptcy, said Bruce Bennett, another Jones Day lawyer representing Detroit.
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