Detroit to File Restructuring Plan Next Week
To explain how it plans to get out of bankruptcy
The city of Detroit plans to file its proposed bankruptcy restructuring plan with the court next week, the city's top bankruptcy attorney said today.
Jones Day attorney Bruce Bennett told U.S. Bankruptcy Judge Steven Rhodes that the city plans to file its "plan of adjustment" next week.
The city faces a March 1 deadline to file the first version of the plan, which will include details on how the city plans to treat creditors and assets. The plan of adjustment can be altered as the city conducts additional negotiations with its creditors.