Aug 19, 2013 10:41 AM by ASSOCIATED PRESS
DETROIT (AP) - The deadline day has arrived for creditors to oppose Detroit's request for bankruptcy protection.
Federal Judge Steven Rhodes has set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit's state-appointed emergency manager Kevyn Orr.
Creditors include bond holders, insurers, banks, the city's two employee pension systems, individuals and companies.
Orr says Detroit is insolvent and unable to pay off all of its debt which could be $18 billion or more.
The city has until Sept. 6 to file its responses to the objections. A multi-day hearing on the eligibility question is scheduled to start Oct. 23.
Orr was hired by the state as emergency manager in March. He filed for bankruptcy on July 18, making Detroit the largest city in U.S. history to do so.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com