Detroit’s comprehensive bankruptcy reorganization blueprint calls for shedding billions of dollars in debt, spending more than $500 million for blight removal and investing another $1 billion to improve city services.
The city’s Chapter 9 bankruptcy “plan of adjustment” — filed today in U.S. Bankruptcy Court — details offers to more than 100,000 creditors, and a “disclosure statement” reveals emergency manager Kevyn Orr’s plan to dramatically reshape the city’s bureaucracy.
The documents illuminate a potential path to resolve the city’s bankruptcy, paving the way for the city to dramatically reduce an estimated $18 billion in debt and liabilities .... http://www.freep.com/article
