Detroit files restructuring plan to leave bankruptcy
02/21/2014 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Detroit, MI – The city emergency manager of Detroit has filed a restructuring plan to deal with the city’s $18 billion debt. As reported by the Associated Press (AP), an early draft of the plan filed by state-appointed Emergency Manager Kevyn Orr includes cuts to pensions and creditors.
Orr is quoted by the AP as saying in a statement of the plan, “We maintain that the Plan provides the best path forward for all parties to resolve their respective issues and for Detroit to become once again a city in which people want to invest, live and work.”
As noted in the report, court appeals are expected even after a bankruptcy court approves a final version of the plan. A majority of parts included are still being negotiated.
Orr also said in his statement, “there is still much work in front of all of us to continue the recovery from a decades-long downward spiral. We must move swiftly to emerge from bankruptcy so that the financial distress harming the City can end.”
This report is provided by Justice News Flash – Detroit Legal News
Address: 215 South Olive Suite 300 W. Palm Beach FL 33401