April 7 Creditor objections flowed into a U.S.
bankruptcy court on Monday claiming a document supporting
Detroit's plan to deal with $18 billion of debt and other
obligations is woefully short on facts.
Labor unions, bond insurers and two Michigan counties had
filed documents with the court as of 5 p.m. ET, with more
objections expected before a deadline next Monday.
Detroit's biggest union, American Federation of State,
County and Municipal Employees Council 25, whose members face
cuts in retirement benefits, wrote that "the city has failed to
provide large amounts of critical information."
Michigan counties of Oakland and Macomb cited inadequate
information on city's plans to deal with its regional water and
sewer department and outstanding debt. And bond insurers
Financial Guaranty Insurance Co and Berkshire Hathaway Assurance
Corp cited insufficient details on Detroit's intended treatment
of bonds they insure.
Judge Steven Rhodes, who is overseeing Detroit's historic
bankruptcy case, has set an April 14 deadline for the city to
respond to the objections and an April 17 hearing on any
unresolved objections to a revised disclosure statement the city
filed with the court on March 31.
(Reporting By Karen Pierog; Editing by Steve Orlofsky)