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Wed September 18, 2013
Bankruptcy talks begin in Detroit
DETROIT, MI (AP)-- A judge has opened the first formal mediation talks aimed at striking deals between creditors and the city of the Detroit in the largest public bankruptcy in U.S. history.
Chief U.S. District Judge Gerald Rosen and five other mediators introduced themselves Tuesday to dozens of lawyers and Detroit emergency manager Kevyn Orr. The mediators include other judges and a former judge.
Every seat in the courtroom was full as Rosen gave a pep talk to lawyers representing Detroit, labor unions, bond holders and other creditors. He says agreements are better than years of "horrendous" litigation. Detroit says it has debt of at least $18 billion.
Mediation will take place privately while the bankruptcy case moves forward. A trial on whether Detroit is eligible for Chapter 9 is set for October.