The plan has been touted as the blueprint for Detroit’s future and key in the city’s sojourn through the largest municipal bankruptcy in U.S. history.
Detroit, not unexpectedly, has defaulted on its most recent general obligation bond debt payment.
The city’s biggest employee union, retirees and even a few dozen residents filed objections Monday to Detroit’s request for bankruptcy protection.
Detroit’s Emergency Manager has called off a controversial tour of Detroit that was aimed at drawing sympathy from the city’s biggest creditors.
Creditors, bond holders and unions are meeting with Detroit’s state-appointed emergency manager Friday to hear his plan to keep the city out of Chapter 9 bankruptcy.