November 8, 2014
Daniel Howes
Detroit News
...Detroit – — The hammers will be gone soon. (click here)
U.S. Bankruptcy Judge Steven Rhodes' approval of Detroit's 1,165-page restructuring plan, delivered Friday, is a historic milestone for the largest city in American history to file Chapter 9. But it's just the beginning.
Come later this month, there will be no emergency manager to pre-empt Mayor Mike Duggan and City Council. Nor a federal mediator to pull creditors into line. Nor a tight court schedule to push reluctant adversaries to negotiate or risk a forced settlement that could prove more Draconian.
"Judge Rhodes' decision has given new life to the city we all love, Detroit," Council President Brenda Jones said after the judge read his ruling from the bench. "Now our true work begins."
She's got that right. The mayor and the council she leads will be expected to implement and execute a restructuring plan they did not conceive nor draft — but will be judged by, nonetheless. They should be, however individual Detroiters feel about a bankruptcy that needed to happen....
Daniel Howes
Detroit News
...Detroit – — The hammers will be gone soon. (click here)
U.S. Bankruptcy Judge Steven Rhodes' approval of Detroit's 1,165-page restructuring plan, delivered Friday, is a historic milestone for the largest city in American history to file Chapter 9. But it's just the beginning.
Come later this month, there will be no emergency manager to pre-empt Mayor Mike Duggan and City Council. Nor a federal mediator to pull creditors into line. Nor a tight court schedule to push reluctant adversaries to negotiate or risk a forced settlement that could prove more Draconian.
"Judge Rhodes' decision has given new life to the city we all love, Detroit," Council President Brenda Jones said after the judge read his ruling from the bench. "Now our true work begins."
She's got that right. The mayor and the council she leads will be expected to implement and execute a restructuring plan they did not conceive nor draft — but will be judged by, nonetheless. They should be, however individual Detroiters feel about a bankruptcy that needed to happen....
