Detroit’s Plan of Adjustment at a glance

The Michigan Chronicle

OrrDeal.jpg.jpg

The Plan of Adjustment that the City of Detroit filed with the U.S. Bankruptcy Court for the Eastern District of Michigan on February 21, 2014 represents a critical step toward the city’s rehabilitation and recovery from a decades-long downward spiral. The Plan provides for the adjustment of up to as much as $18 billion in secured and unsecured debt and offers the greatest possible recoveries for the city’s creditors while simultaneously allowing for meaningful and necessary investment in the city.

In connection with the Plan, the city intends to:
Invest approximately $1.5 billion over 10 years to, among other things:

Improve and provide essential municipal services to the city’s 700,000 residents, including police, fire and emergency medical services, garbage removal and functioning streetlights;

Attract and retain residents and businesses to foster growth and redevelopment; and

Improve the city’s information technology systems, thereby increasing efficiency and decreasing costs.

Provide pension…

View original post 469 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s