The biggest U.S. municipality to file for bankruptcy started its last push to end the court battles with Detroit’s pension debt holders dropping their objection to the city’s $7 billion debt cutting plan.
Hedge fund managers Aurelius Capital Management LP and Blue Mountain Capital Management LLC along with investors who hold the debt were waiting for the completion of the last creditor settlement in the bankruptcy case.
No other city or county in the US had ever cut so much debt so quickly. The agreement was declared on the same day when Bruce Bennett, Detroit’s bankruptcy lawyer of the law firm Jones Day, began the final argument in favor of the debt cutting plan.
Bennett told U.S. Bankruptcy Judge Steven Rhodes, “The end really is in sight. The city has settled with all the major economic players in the city of Detroit.”
Bennett added that if the plan is approved by early November, the city will try to end bankruptcy by Thanksgiving.price of cialis at cvs