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Bankruptcy judge sets date for Detroit, creditors

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- U.S. Bankruptcy Judge Stephen Rhodes has ruled the City of Detroit will have to file its plan to restructure 18-billion dollars in debt by March 1st.

The time frame gives the estimated 100-thousand creditors Detroit owes time to object to the bankruptcy filing or negotiate with the city.  The judge also set several deadlines for creditors in the largest municipal bankruptcy case filed to date.

Rhodes will hold a conference on Friday to discuss the dates he set with the city and creditors.  He may also appoint a mediator to handle disputes between the city and creditors which could include the valuation of the city's pension funds.

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