Jan 29 Detroit on Wednesday sent its creditors a
proposed plan for how it would adjust its more than $18 billion
of debt and liabilities in order to emerge from municipal
bankruptcy, the Detroit Free Press reported.
A person familiar with Detroit Emergency Manager Kevyn Orr's
plan told the newspaper the details will remain undisclosed
under an order from U.S. Bankruptcy Judge Steven Rhodes, who is
overseeing Detroit's Chapter 9 municipal bankruptcy case, the
largest in U.S. history.
A representative for Orr did not immediately respond to an
e-mailed request for confirmation.
Detroit's creditors include its two public pension funds,
bond insurers and bondholders. Rhodes has set a March 1 deadline
for the city, which filed for bankruptcy in July, to present a
plan of adjustment.