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November 10, 2014

Detroit Bankruptcy: Kopacz Appointed as Feasibility Expert

 

Detroit Bankruptcy: Kopacz Appointed as Feasibility Expert

Martha E. M. Kopacz, Senior Managing Director at Phoenix Management Services, was appointed by U.S. Bankruptcy Judge Steven Rhodes as his feasibility expert to decide whether the city of Detroit’s proposal and its 10-year financial projections were reasonable. She agreed that they were, and testified at a two-month trial on the feasibility of the plan, which the judge approved. Kopacz is featured in the following articles:

New York Times: Judge Approves Detroit’s Plan to Exit Bankruptcy
Less than 16 months after Detroit became the largest city in the United States to file for bankruptcy, a federal judge on Friday approved a plan intended to help it escape years of financial ruin and begin the hard work of becoming viable again. The decision allows the city to shed $7 billion in debt and to invest about $1.7 billion into long-neglected services after deals were struck with creditors. Martha E.M. Kopacz, Senior Managing Director at Phoenix Management Services was hired by Judge Rhodes as his feasibility expert to decide whether the plan of adjustment was feasible. Click here to read the article.

Bloomberg: Detroit Judge’s Expert Says Voters Pose Recovery Risk
Detroit’s voters pose a threat to the success of a $7 billion debt-cutting plan, according to Martha E.M. Kopacz, Senior Managing Director at Phoenix Management Services, the financial expert hired by the federal judge overseeing the city’s historic bankruptcy. U.S. Bankruptcy Judge Steven Rhodes appointed Kopacz to write a report on whether the city’s proposal and its 10-year financial projections were reasonable. She agreed that they were, and testified at a two-month trial on the feasibility of the plan, which the judge approved yesterday. "As a society, we believe in democracy, but there comes a time when the political machinery simply fails," Kopacz said in an interview. "Once control goes back to the electorate, you are going to run the risk they could elect somebody that is not as capable." Click here to read the article.

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