DETROIT (AP) — The plan of adjustment for Detroit’s bankruptcy is expected to be filed days before a
court-imposed deadline.
A
spokesman for state-appointed emergency manager Kevyn Orr says the plan
will be filed Friday. Federal Judge Steven Rhodes set March 1 as the
deadline.
The plan will spell out how pensioners, retirees, banks,
bond insurers and other creditors will fare under Orr’s efforts to trim
down Detroit’s $18 billion debt load.
A draft given last month to
creditors showed retirees and pensioners getting $4.3 billion in
payments and bondholders about $1.1 billion over the next 40 years,
leaving the city with a nearly $336 million surplus.
The plan will
be accompanied by a disclosure statement, which outlines the level of
reinvestment in Detroit, including municipal services, planned during
the next 10 years.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
DETROIT (AP) — The plan of adjustment for Detroit’s bankruptcy is expected to be filed days before a
court-imposed deadline.
A
spokesman for state-appointed emergency manager Kevyn Orr says the plan
will be filed Friday. Federal Judge Steven Rhodes set March 1 as the
deadline.
The plan will spell out how pensioners, retirees, banks,
bond insurers and other creditors will fare under Orr’s efforts to trim
down Detroit’s $18 billion debt load.
A draft given last month to
creditors showed retirees and pensioners getting $4.3 billion in
payments and bondholders about $1.1 billion over the next 40 years,
leaving the city with a nearly $336 million surplus.
The plan will
be accompanied by a disclosure statement, which outlines the level of
reinvestment in Detroit, including municipal services, planned during
the next 10 years.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.