The Daily Docket: Judge to Rule on Detroit Bankruptcy-Exit Plan

A federal judge is set to decide Friday whether Michigan’s largest city—an industrial icon that turned into a symbol of urban decay—is ready to exit bankruptcy protection and begin to handle its own financial affairs. Read The Wall Street Journal story.

A bankruptcy judge will allow Atlantic City, N.J., to collect as much as $30 million in unpaid property taxes owed by the shuttered Revel Casino Hotel so long as the city agrees not to impose costly penalties, Daily Bankruptcy Review reports via WSJ.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

The bankruptcy trustee of failed IndyMac Inc. has agreed to settle a fight over tax refunds with the Federal Deposit Insurance Corp. ending five years of litigation. WSJ has the DBR story.

WSJ reports that the Securities and Exchange Commission is looking into trading activity in GT Advanced Technologies Inc.’s securities and is seeking information about its sapphire business, the company disclosed Thursday in a regulatory filing.

The stable of judges on Manhattan’s federal bankruptcy court is undergoing dramatic turnover that could bring more uncertainty to one of the go-to venues for rescuing companies on the brink of financial ruin, Reuters reports.

Hundreds of car owners suing General Motors Co. for alleged economic losses, personal injury or deaths connected to a defective ignition switch will have their arguments heard in a New York federal court, according to WSJ. 

The Washington Post reports that the Washington, D.C., law firm Wiley Rein is saying goodbye to its bankruptcy and restructuring group. 

One of the former owners of Hawk ‘n’ Dove and other Washington, D.C. restaurants is accusing the new owners of fraud, conspiracy and racketeering and is seeking almost $9 million in damages, according to a lawsuit he filed last week, the Washington Business Journal reports. 

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