Partner Craig Barbarosh Quoted in The New York Times on Detroit's Financial Crisis

Firm News | September 2, 2014

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with The New York Times regarding Detroit’s plan to eliminate debt. In the nation's largest-ever municipal bankruptcy, Judge Steven W. Rhodes must decide whether the plan is equitable, feasible and in the best interests of creditors. Leaders of other cities are expected to watch the outcome closely, as the ruling may determine whether a city may shelter municipal retirees even as it imposes harsher losses on financial creditors; whether it can use bankruptcy to repudiate some capital-markets debts entirely; and whether a city in bankruptcy may avoid selling off valuable assets to raise money for its creditors. As Craig—who represents some of Detroit's creditors—said, "This is a unique situation when you think about it. It's not like a company, where the judge can say, 'O.K., I'm going to liquidate the city.'" ("One Judge to Decide the Future of Detroit," August 31, 2014)

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