February 20, 2014

Detroit's plan to emerge from bankruptcy expected Friday

From The Detroit Free Press -
"Detroit on Friday will file its long-awaited proposal for how it will treat debts and operate city government as it works to get out of bankruptcy, the office of the city’s emergency manager confirmed today. The critical documents mark the next big step in Detroit’s record-setting $18-billion Chapter 9 municipal bankruptcy, and the proposal is expected to offer much more detail on how the city plans to cut its debts, offering some creditors as little as 20 cents on the dollar."

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