Proposed bankruptcy timeline: Detroit may emerge from bankruptcy by next spring
Updated On: Jul 30 2013 06:53:55 PM EDT
According to one timeline on the table, Detroit could emerge from bankruptcy as early as next spring.
While cases usually take years, with a proposed schedule, the bankruptcy judge is looking to try and speed up the process.
Judge Steven Rhodes held exactly one hearing so far staying all the legal wrangling for the time being.
In August and September Rhodes will hear eligibility objections, but he's moving past whether Detroit qualifies for bankruptcy and going right into the nuts and bolts
He is serving written discovery requests, getting written discovery or background information from experts and non-experts alike, name expert witnesses and submit the background reports on them.
In October the judge would like to finish the expert designations, complete the pretrial interviews, get pre-trial pleadings or briefs submitted and then have a pre-trial conference.
His goal is to have a plan of reorganization ready to file by March 1st of 2014.
Former bankruptcy judge Ray Reynolds Graves says Judge Rhodes is not messing around.
"First of all Judge Rhodes likes efficiency so fooling around is not part of his DNA. "Two, we know that if this case goes too long it weakens confidence in the community. Three, if it goes too long it weakens confidence of investors so you have to give everyone certainty when this will wrap up," Graves said.
He says there is also political consideration for Kevyn Orr and the governor.
"Kevyn Orr can pack up his bags and wave saying he saved Detroit and Governor Snyder can say, in the middle of next summer when he is running for a re-election campaign, 'Look what I did and it didn't cost the state anything,'" said Graves.
Judge Rhodes will return to the bench to work out his schedule on Friday.