Announcements
Nov. 07, 2014

City of Detroit Adjustment Plan Confirmed in Largest Municipal Bankruptcy Case in U.S. History

On Friday November 7, 2014, United States Bankruptcy Judge Steven W. Rhodes announced he would confirm the City of Detroit’s plan of adjustment in its chapter 9 bankruptcy – the largest municipal bankruptcy case in the history of the United States.

Kramer Levin represented holders of more than $1 billion principal amount of certificates of participation in connection with the final litigation and settlement of the rights of such holders, both against the City of Detroit and against Financial Guaranty Insurance Corporation, which insures payment of the certificates of participation. The Kramer Levin team was led by Corporate Restructuring and Bankruptcy partner Thomas Moers Mayer, and included Litigation partner Jonathan M. Wagner, Corporate Restructuring and Bankruptcy special counsel Gregory G. Plotko, and Corporate Restructuring and Bankruptcy associates Stephen M. Blank and Alice J. Byowitz.

In addition, a Kramer Levin team led by Corporate Restructuring and Bankruptcy partner Amy Caton represented holders of almost $800 million in Detroit Water and Sewer Bonds and $25 million in limited tax general obligation bonds. The Kramer Levin DWSD and LTGO team included Litigation partner Gregory A. Horowitz, Litigation associate Craig L. Siegel, Corporate Restructuring and Bankruptcy special counsel David E. Blabey, Jr., and Corporate Restructuring and Bankruptcy associate Sara Gribbon.

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