CHICAGO — U.S. Bankruptcy Judge Steven Rhodes gave Detroit a little more than 10 days to submit and disclose the final cost of its 17-month bankruptcy.
Rhodes, in a Monday-morning hearing Dec. 15, told the city's bankruptcy attorneys and advisors to submit their final invoices by Dec. 22. The city then has an additional five days before it has to make the information public.
The city's historic Chapter 9 officially ended on Dec. 10, but wrangling over the fees continued. On Friday, after weeks of court-ordered mediation, the court's mediators announced they had forged a deal for "significant" savings on the tab, now estimated to total at least $150 million.
"The agreements were reached after intensive negotiating sessions over the past several weeks," the mediators said in a statement released Friday. "The mediators wish to express their deep appreciation to all parties and their counsel who participated in the fee negotiations for the good faith spirit of cooperation and professionalism with which they engaged in the mediation sessions."
