UPenn bankruptcy professor David Skeel says the answer is yes.
Meanwhile, one observer says "the city will probably end up back in Chapter 9 because they aren't fixing anything."
UPDATE: Mark Stryker wrote about this in the Detroit Free Press last month. Bottom line, as he put it on Twitter this morning, is that "other bankruptcy experts disagree w/ Skeel" (though he added: "That said, Skeel's view will be heart of bond insurers courtroom arguments. Big questions for Judge Rhodes").