Detroit to File Debt Plan Friday
Explain how it will make its way out of bankruptcy
Detroit's state-appointed emergency manager expects to file a roadmap in federal court on Friday detailing how the city will treat some $18 billion of debt and other obligations as it tries to exit bankruptcy, a city spokesman said on Thursday.
"Friday is the present expected day to file," said Bill Nowling, a spokesman for Kevyn Orr, the city's emergency manager.
Judge Steven Rhodes, who is overseeing Detroit's bankruptcy case—the largest municipal bankruptcy in U.S. history—set a March 1 deadline for the plan.