Detroit attorney to resume opening statements in city's historic bankruptcy trial
An attorney for Detroit is set to resume his opening statement at the city's historic bankruptcy trial, after saying on the first day that Detroit needs the restructuring to survive.
Opening statements also are expected Wednesday from supporters of the city's debt restructuring plan and creditors that oppose it.
The trial over the largest municipal bankruptcy in U.S. history began with attorney Bruce Bennett telling federal judge Steven Rhodes that Detroit's plan to restructure billions of dollars in debt is needed to free up funds to provide services to residents.
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which must be approved by Rhodes.
Rhodes has scheduled trial dates through September and into October. Dozens of witnesses could be called.