Sun, Feb 19, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Distressed debt funds look at Detroit, Miami for opportunities

Wednesday, July 24, 2013

Bailey McCann, Opalesque New York:

Detroit, Michigan is 312 years old. A quick scan of birthday etiquette rules on what to get for such an age won’t yield much, but I’m betting Emily Post wouldn’t have recommended bankruptcy. Yet, that’s exactly what the city will be getting for its birthday this year. Detroit made history when it filed for the largest municipal bankruptcy so far, at the tail end of last week, and that filing was only the opening volley in what will likely be a long protracted battle for the future of the Motor City.

This morning, the first bankruptcy related court hearing is set to start at 10 a.m. Judge Steven Rhodes will hear arguments on lawsuits that were filed against the city before the bankruptcy claim was filed and whether those cases can move forward. Basically what’s happening is this – under Chapter 9 bankruptcy – the type of bankruptcy filed by emergency manager Kevyn Orr, the city may be eligible for a stay on pending litigation, forcing those plaintiffs to fight it out in bankruptcy court. However, the courts have to allow the bankruptcy to move forward, first.

That hearing won’t come up for a few weeks, but today’s arguments are part of a broader issue – whether Detroit can file at all. Currently, there are federal and state objections to the filing, and pensioners who are expected to take some of the biggest haircuts in any deal, are arguing that the filing violates the state constitution.

"I think it is too soon to......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. With $54bn in assets, Philippines is ready for hedge funds, alternative investment products[more]

    Komfie Manalo, Opalesque Asia: With the country's outstanding fund management industry at $54bn and growing, the Philippine market and its investors are ready to invest in "more sophisticated" asset management products, like hedge funds and alternative investments, said Deanno J. Basas, presi

  2. SoftBank to buy Fortress Investment for $3.3bn[more]

    From Reuters.com: Japan's SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world's largest private equity fund. The all-cash deal is SoftBank's first major investmen

  3. ...And Finally - Truth in advertising[more]

    From Newsoftheweird.com: Girl Scout Charlotte McCourt, 11, of South Orange, New Jersey, saw her sales zoom recently when she posted "brutally honest" reviews of the Scouts' cookies she was selling -- giving none of them a "10" and labeling some with dour descriptions. She was hoping to sell

  4. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  5. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed