Federal Government Rejects Detroit’s Bankruptcy Plan
On Monday, May 12, the U.S. government filed an objection to Detroit's debt restructuring plan for dealing with its $18 billion of debt and exiting the largest municipal bankruptcy in U.S. history, according to a May 13 Reuters article.
According to the article, the federal government's filing addressed several different disputes, both regulatory and monetary, regarding the Michigan metropolis' adjustment plan. For example, while the Environmental Protection Agency sought assurance that Detroit would adhere to its regulations in its plan, the city had failed to specifically state it would in its adjustment plan.
The federal government joins several other governmental entities that have filed objections to Detroit's plan, including neighboring Oakland, Wayne and Macomb counties, which...









