Detroit To Submit Bankruptcy Plan Next Week

Law360, New York (February 10, 2014, 4:33 PM EST) -- An attorney representing Detroit in its Chapter 9 bankruptcy told a judge on Monday that a plan of adjustment should be filed by next week, which would lay out the flailing city’s proposed path toward financial health.

The city already shared its proposed plan with creditors last week following months of mediation. The deadline the court set for a plan to be filed is March 1.

Detroit is looking to take control of its $18 billion debt that made it the largest municipal debtor ever. While...
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