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Detroit sends proposed adjustment plan to creditors -report
January 29, 2014 / 9:12 PM / 4 years ago

Detroit sends proposed adjustment plan to creditors -report

Jan 29 (Reuters) - 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.

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