Jones Day bill for Detroit bankruptcy has topped $26M
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As the first full week of trial begins in the nation’s biggest municipal bankruptcy case ever, the law firm representing Detroit has charged the city more than $26 million, as of March, including $1 million in fees.
Among the key issues to be decided in the Chapter 9 case is whether Detroit’s restructuring plan—which attempts to protect city retirees and the city’s world-class art collection—is realistic and fair to creditors to whom it owes some $18 billion, NPR reports.
The $26 million bill from Jones Day covers a period from July 13, 2013, through March of this year, Reuters reports.
See also:
ABAJournal.com: “Detroit runs up $13.7M bill in first 75 days of bankruptcy case”
Associated Press: “Detroit Bankruptcy Trial Turns to Poor Technology”
Public Finance International: “Detroit: who pays for the bankruptcy?”
Wall Street Journal (sub. req.): “Lawyers Spar Over Viability of Detroit Bankruptcy Plan at Trial”
