The Daily Docket: Detroit’s Bankruptcy-Exit Hearing Gets Underway

The nation’s largest municipal-bankruptcy case is set for a showdown trial starting Tuesday, pitting the city’s emergency manager against holdout creditors seeking billions in payouts, The Wall Street Journal reports.

The official who is winding down Bernard Madoff‘s investment firm wants another opportunity to sue defendants that benefited from his Ponzi scheme after two major district court rulings “substantially altered the legal landscape.” Read the Daily Bankruptcy Review story in The Journal.

The Roman Catholic Diocese of Helena in western Montana will soon ask a bankruptcy judge to approve a key settlement with its insurance carriers that will be used to compensate about 380 individuals who allege they were sexually abused by clergy members. Read the DBR story in WSJ.

The Journal reports the Chinese-backed company trying to revive Saab cars lost the right to use the Swedish brand’s name as it negotiates with potential investors on a plan to revive production

The sudden closing of the two-year-old Revel, plus two other casinos shutting their doors in the next few weeks, marks the end of Atlantic City’s decades-long reliance on gambling to stay afloat, WSJ reports.

The New York Times profiles U.S. Bankruptcy Judge Steven Rhodes., the man who’ll decide Detroit’s fate.

A Mexican court cleared the way for homebuilder Corp. Geo SAB to receive bridge loans from banks including Citigroup Inc. as part of the company’s efforts to emerge from bankruptcy, reports Bloomberg.

Reuters reports Bahrain’s Batelco will pursue its former Indian business partner for $212 million it says he owes the company, even though he was declared bankrupt last week, the Bahraini telecom operator said on Sunday.

Write to Patrick Fitzgerald at [email protected]. Follow him on Twitter @PatFitzgerald23.