Detroit CFO to return to stand in bankruptcy trial
DETROIT (AP) — Detroit's chief financial officer is set to return to the witness stand for a second day in the city's historic bankruptcy trial.
Attorneys for creditors opposed to Detroit's bankruptcy and the city's debt restructuring plan will resume their cross-examination of John Hill on Friday. Hill was questioned Thursday by an attorney representing the city and a lawyer representing bond insurer Syncora Guarantee.
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which federal Judge Steven Rhodes must approve.
Most creditors, including more than 30,000 retirees and city employees, have endorsed it. Syncora and some other financial creditors say the plan is unfair.
Hill said Thursday that the plan can work if it's followed and expected revenues come through.