CHICAGO, Aug. 21 (Xinhua) -- Detroit has so far spent 12.8 million U.S. dollars on lawyers and other professionals for their work to restructure the city's finance as part of its historic bankruptcy filing.
The money is enough to pay more than 166 retirees for two and half years, The Detroit News reported Wednesday.
More than half of the money, 6.6 million dollars, went to the firm Ernst & Young for cash flow analysis, while 2.2 million dollars went to turnaround firm Conway MacKenzie, the report said.
Emergency Manager Kevyn Orr's former law firm, Jones Day, and Seattle-based actuary firm Milliman got 1 million dollars and 332, 500 dollars respectively, it added.
But this is not the ceiling. The total bankruptcy-related expenses could easily top 250 million dollars, the report quoted Jim McTevia with turnaround firm McTevia & Associates as saying.
"This is a lot of money, no question about it, but all of these groups are giving us a discounted rate," Detroit News quoted Orr's spokesman Bill Nowling as saying.
On Monday, U.S. Bankruptcy Judge Steven Rhodes appointed Chicago lawyer Robert Fishman of Shaw Fishman Glantz and Towbin LLC at a cost of 430 dollars an hour to scrutinize the fees charged by lawyers and consultants in Detroit's bankruptcy case.
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