- Fireworks burst over the Detroit city skyline during the annual Ford Fireworks show in downtown, Monday, June 23, 2014.
- Associated Press
After a weekslong trial on the viability and fairness of Detroit’s restructuring plan, U.S. Bankruptcy Judge Steven Rhodes will hear closing arguments in the case on Monday.
A ruling could follow within several weeks, and city officials hope Detroit could be out of bankruptcy court as soon as Thanksgiving.
Most of the city’s creditors, including municipal employees and retired workers, have agreed to settle. Some individual objectors remain, arguing in part that the city’s emergency manager acted improperly to cut any benefits to pensioners.
The city’s largest holdout creditor unveiled a deal last week to stop fighting and instead take a major stake in the city’s revival.
Detroit filed for bankruptcy protection in July 2013 with an estimated $18 billion in long-term obligations.