Detroit’s bankruptcy trial ended yesterday without a ruling from the judge on whether the city can remain under court protection, where creditors are limited in what they can do to challenge the city’s restructuring process.
Detroit faced a “payless payday” before it filed its $18 billion bankruptcy, a financial analyst told the judge conducting a trial to determine whether the city should be stripped of court protection from creditors.
Detroit’s elected officials failed to propose any significant cost savings before an emergency manager was appointed in March, a financial analyst said in a trial to determine whether the city can remain under court protection from creditors.
South Korea said it would hold a new tender for 60 fighter jets after rejecting Boeing Co.’s bid for the 8.3 trillion-won ($7.7 billion) contract over concerns the F-15SE wasn’t advanced enough to counter North Korea’s nuclear threat.
The Los Angeles Dodgers and Major League Baseball attacked each other in court over competing $150 million loan proposals, with baseball Commissioner Bud Selig accusing team owner Frank McCourt of trying to break the rules that keep the league together.