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Committee For Unsecured Creditors Appointed In Detroit Bankruptcy

wochit business
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December 23, 2013 AT 10:31 AM
The judge overseeing Detroit's historic bankruptcy case on Monday named a committee to represent interests of the unsecured creditors as the city prepares to submit a plan to the court to readjust its debt. "Its primary power... is to have a stronger voice than an individual creditor, while actively participating in the negotiation of a plan for the adjustment of the debtor's financial obligations," said a December 6 letter sent to all prospective committee members by the U.S.