- Posted January 08, 2014
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Closing arguments in bankruptcy hearing postponed until next week
DETROIT (AP) -- Severe winter weather has forced the closing of federal courts in southeastern Michigan on Tuesday, postponing closing arguments until next week in a bankruptcy court hearing on Detroit's agreement to pay off some bank debts.
Bankruptcy court in Detroit was shut Monday amid heavy snow and sub-zero temperatures. Courts spokesman Rod Hansen said all federal courts in Ann Arbor, Bay City, Detroit, Flint and Port Huron were closed Tuesday.
Hansen says the bankruptcy case proceedings will resume sometime next week.
State appointed Detroit emergency manager Kevyn Orr testified last Friday that the proposal to terminate the deal with UBS and Bank of America for $165 million is best for the city.
The city pledged casino tax revenue in 2009 as collateral to avoid defaulting on pension debt payments.
Published: Wed, Jan 8, 2014
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