Detroit water bondholders form committee, participating in mediation

By Caroline Salls

Pittsburgh, Dec. 11 - City of Detroit water supply system bonds trustee U.S. Bank NA said an informal committee of holders of the water bonds has been formed and is participating with the trustee in court-ordered mediation with the city, according to a notice from the trustee to bondholders.

The trustee said the committee is comprised of holders of more than 20% of the outstanding water bonds.

In addition to participation in mediation, U.S. Bank said it is consulting with the committee on various matters related to the bonds, including potential treatment of the bonds under the city's plan of adjustment.

According to the notice, the general deadline for filing proofs of claim in Detroit's bankruptcy case is Feb. 21.

The trustee said it will file consolidated proofs of claim for the water bonds.

Detroit filed bankruptcy on July 18 in the U.S. Bankruptcy Court for the Eastern District of Michigan under Chapter 9 case number 13-53846.

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