Detroit Creditors Become Partners in Redeveloping City

October 17, 2014

Jim Spiotto was interviewed by Bloomberg on an unprecedented turn of events in Detroit's Chapter 9 bankruptcy—requiring creditors to invest in the city's recovery. Noting that the deal resembles a corporate restructuring, Jim commented, "To some degree, it's a lot like Chapter 11, where they are giving them a chance to buy equity in the debtor. They have to put something into it to get something out."