Reuters: Bankruptcy News: Detroit preparing for bankruptcy filing as early as Friday -report

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Detroit preparing for bankruptcy filing as early as Friday -report Jul 18th 2013, 18:56 July 18 | Thu Jul 18, 2013 2:56pm EDT July 18 (Reuters) - The city of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, the Detroit Free Press reported on Thursday, citing several unnamed sources. The filing would begin a 30-to-90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer, the newspaper reported on its website. Bill Nowling, spokesman for the city's emergency manager Kevyn Orr, could not be reached immediately for comment on the Free Press report. A spokesman for Michigan Governor Rick Snyder, who appointed Orr earlier this year to oversee a restructuring of the cash-strapped city's finances, did not immediately reply to calls and emails seeking comment. Earlier on Thursday, in response to a question from Reuters about the potential timing for a possible bankruptcy filing, Nowling had said: "Really, the nature of this is that it could happen at any time."

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