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Detroit: Bankruptcy Plan Will Be Filed Next Week

Mon, 02/10/2014 - 2:13pm

DETROIT (AP) -- The city of Detroit says it will file a plan to emerge from bankruptcy next week, just days before a March 1 deadline.

The disclosure was made Monday by attorney Bruce Bennett during a hearing in the case.

Detroit filed for bankruptcy last summer, claiming $18 billion in long-term debt. It recently shared a reorganization plan with creditors, although that plan is subject to change while negotiations occur in private.

The plan so far includes the possible spinoff of the city's water department to a regional authority, a move that's been criticized by the suburbs.

Foundations and the Detroit Institute of Arts are pledging nearly $500 million to prop up pensions and prevent the sale of city-owned art. Gov. Rick Snyder also wants the state to kick in millions.

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