Detroit’s emergency manager has officially filed a plan to restructure the city’s $18 billion debt.
Kevyn Orr’s long-awaited plan of adjustment will spell out how pensioners, retirees, banks, bond insurers and other creditors will be treated
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.
“Our focus has been to help Detroit regain a strong economic footing,” said Kevyn Orr.
Orr had promised a plan by January, but negotiations between Detroit and creditors have changed the timetable.
Detroit’s state-appointed emergency financial manager says he has approved a salary of $159,000 for new Mayor Mike Duggan.
Detroit is steering thousands of city workers into 401(k)-style retirement accounts and freezing their accrued pension benefits.
Kevyn Orr testified Friday in federal court that the proposal to terminate the deal for $165 million is best for Detroit.
Detroit mayor-elect Mike Duggan prepares to take office in January, announcing several members of his cabinet, Thursday, and detailing his responsibilities.
“Orr testified earlier that if the city doesn’t get that money, it could to be in bad, bad shape.”